London Stock Exchange welcomes Yü Group PLC
The AIM Market of the London Stock Exchange today welcomed Yü Group plc (“Yü”) as dealings commenced in its Ordinary Shares under the symbol “YU” following an over-subscribed placing.
Yü is an independent supplier of gas and electricity focused on servicing SME businesses throughout the UK. It has no involvement in the domestic retail market. The Group was founded by CEO Bobby Kalar and has obtained the necessary Ofgem licences to supply gas and electricity in the UK market. In addition to the supply of gas and electricity, the Group offers certain ancillary services.
Bobby Kalar, Chief Executive Officer, commented: “We are excited to be joining the AIM market of the London Stock Exchange and the opportunities it provides for us to continue our growth plans. We have been delighted with the level of support from institutional investors and look forward to welcoming them as shareholders. The Placing was over-subscribed which speaks volumes about the quality of business we have built, especially given current market conditions."
“I would like to thank all of our employees whose hard work has enabled us to reach this point and the success of this IPO does them all great credit. Together, we look forward to life as a public company.”
The Group raised £10 million through the placing and subscription of a total of 5,405,406 Ordinary Shares at a price of 185p per Ordinary Share. On admission the Group will have a market capitalisation of £26m. Shore Capital acted as the Nominated Adviser and sole Broker to the Group.