Flotation values Revolution Bars at £100m
Revolution Bars Group has set out its plans to float the company on the London Stock Exchange, with a value of £100m.
The company hopes that the move will help it fund a roll-out from 53 bars to more than 100.
In an announcement this morning, it said that it had set the offer price per share at 200p, ahead of its initial public offering on 18 March.
The offer will comprise 42,984,234 shares in the business, representing 86% of its total of 50,000,000 shares.
Selling shareholder Caspian Bidco will hold onto around 10% of the shares in the business, and Revolution's senior management team will take around 4% of the company. The offer is therefore expected to raise total gross proceeds of £86m for the selling shareholder.
Mark McQuater, chief executive of Revolution, said: "We are excited to begin this next stage of Revolution Bars Group's development. On behalf of the board, I would like to thank all of our employees, customers and investors for their commitment to the Group. With their support, we believe we are ideally placed to proceed with our growth strategy and roll-out plans for Revolution and Revolución de Cuba."
