London Stock Exchange welcomes Motorpoint Group plc
London Stock Exchange today welcomes Motorpoint Group plc, the largest independent vehicle retailer in the UK, to the Main Market following its successful IPO.
Motorpoint is the largest independent vehicle retailer in the United Kingdom. The Group’s principal business is the sale of nearly-new vehicles, the majority of which are up to two years old and which have covered less than 15,000 miles. Motorpoint sells vehicles from brands representing over 95 per cent. of new vehicle sales in the United Kingdom, with models from Ford, Vauxhall, Volkswagen, Nissan, Hyundai, Audi and BMW being amongst the top sellers.
Motorpoint was co-founded in 1998 by David Shelton, a director of the Company, with the opening of the Group’s first retail site in Derby. The Group operates from 10 retail sites across Great Britain, of which five have opened in the last four years, together with a national call-centre dealing with online enquiries.
The Offer raised gross proceeds of £100.0 million. The Offer Price was set at 200 pence per Sale Share, which will equate to a market capitalisation of approximately £200.0 million on commencement of conditional dealings. The Company’s ordinary shares will trade under the ticker MOTR.
Mark Carpenter, Chief Executive of Motorpoint, commented: “This IPO represents a significant milestone in the Motorpoint journey and I am delighted to welcome our new shareholders to the register. As the largest independent vehicle retailer in the UK, with a differentiated, multichannel, disruptive business model and a compelling customer proposition built around choice, value and service, we believe that this listing on the LSE will provide the catalyst to take the Company to the next stage of its growth.”
Numis Securities Limited acted as Global Co-ordinator, Sponsor and Bookrunner. Shore Capital Stockbrokers Limited acted as Co-Bookrunner, whilst Rothschild acted as Financial Adviser.