JD Wetherspoon chair Tim Martin has sold shares worth £50.3m to capitalise on the "significant buying interest" following the company placing last week.
Martin sold 4,370,000 of the company's ordinary shares at a price of £11.50 per share, taking his holding in the company down from 25.3% to 21.9%.
He has agreed to a lock-up arrangement on his remaining shareholding that runs until the release of the announcement of the company's results for the 52 weeks to 25 July 2021, expected to take place in September 2021.
The pub chain raised £93.7m last week through a share placing to see it through the anticipated low sales period after reopening and facilitate new acquisitions.
The company said it is considering buying several properties in central London, the freehold reversions of pubs of which it is currently the tenant, and properties adjacent to successful pubs.