UK floor coverings distributor Likewise Group has listed on The International Stock Exchange (TISE).
Likewise has raised £7 million 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 £12 million.
Likewise CEO Tony Brewer said: “The Exchange has provided a cost-effective route to going public and accessing the capital markets to raise finance that can be used towards future acquisitions.
“The £7 million raised, and potential access to further funds, puts us in a strong position to make further acquisitions, which will enable us to consolidate the distribution section of the floor coverings market and gain national scale.”
Financial adviser to the transaction was Zeus Capital, while UK counsel to the company was Gateley and Guernsey counsel was Carey Olsen.