One of the biggest employers in Diss says it is expecting to raise £75.2 million, following the launch of its Initial Public Offering (IPO) in the stock market later this week.
Midwich, a Vinces Road-based company which specialises in audio-visual technology, has announced the successful placing of more than 32 million new and existing shares at £2.08 per ordinary share — equating to a market capitalisation of around £165.3 million when dealings begin at 8am on Friday.
Steven Fenby, managing director at Midwich, said: “Today represents an important milestone in the Group’s history and becoming a public company will further enhance Midwich’s leading competitive position as a specialist AV and document solutions distributor to the trade market.
“I would like to welcome our new shareholders and I am very excited about the next stage of our journey as we continue to grow both in the UK and internationally.”
The company, which employs approximately 481 staff between its Diss headquarters and facilities across the world, stated that from the £75.2 million in gross proceeds, £26 million would go towards loan and debt repayments.
A further £49.2 million is being allocated for the benefit of selling shareholders.
This IPO announcement comes almost a year after Midwich was listed by a Sunday Times league table as one of Britain’s fastest growing businesses in international sales.
To learn more about Midwich, please call 01379 649200 or visit www.midwich.com