LONDON (ShareCast) - (Sharecast News) - Victorian Plumbing has unveiled plans for the largest flotation ever on AIM in a move designed to position it for its next stage of development.
The online bathroom accessories and products retailer is planning to float via a conditional placing for roughly 113.55m new and existing shares at 262.0p apiece.

According to Victorian Plumbing, the placing attracted "strong" support from "high quality" institutional investors and was "significantly" oversubscribed.

Upon admission, the firm will have roughly 324.43m ordinary shares in issue and a free float of roughly 35%, giving it a market value of about £850m.

The flotation will also generate gross proceeds of £285.9m for the selling shareholders and a further £11.6m for the company with the latter to be used to cover the costs of the IPO.

GCA Altium was chosen as the company's nominated advisor while Barclays Bank and Numis Securities were too act as joint global coordinators.

Admission and commencement of dealings on AIM were anticipated to take place on 22 June.

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