IPO of Likewise Group Plc
We have advised manufacturer of flooring products, Likewise Group Plc, on its £12m IPO and listing on The International Stock Exchange (TISE). The listing represents the first UK trading business to list its shares on TISE.
Likewise Group, based in Suffolk, is a distributor of floor coverings and matting with two distribution centres. Likewise raised £7m through an offer for subscription of 70,000,000 shares which it intends to use for working capital and future acquisitions in the sector. Following the share issue, based on the issue price of the shares offered for subscription, the market capitalisation of the company is £12m.
Prior to the listing, Likewise had acquired the entire share capital of William Armes Limited and the trade and assets of Bruce Starke & Co Limited which have been fully integrated into the Group.
Zeus Capital were Financial Advisers to the transaction and Ravenscroft Securities were sponsors.
Our team, led by Corporate partner Paul Cliff, included solicitor Sophie Denton and paralegal Jessica Hopkinson (Corporate), partner James Gopsill and solicitor David Williams (Tax), and further due diligence support from team members across the firm.
Corporate partner Paul Cliff said, “The IPO of Likewise Group is the fifth IPO we have advised on since Gateley’s own listing on AIM in 2015. Likewise’s listing on TISE will allow the company to further develop and establish a strong position in the market. I am pleased that our team were able to guide them through the IPO process and I wish them all the best for the future”.
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