London Stock Exchange today welcomed Ibstock plc

London Stock Exchange today welcomed Ibstock plc

London Stock Exchange today welcomed Ibstock plc to open dealings in the Company’s shares following its successful IPO.

Ibstock is a leading manufacturer of clay bricks and concrete products with operations in the United Kingdom and the United States. Its principal products are clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, fencing and rail products, which are manufactured, marketed and distributed by its Ibstock Brick, Glen-Gery, Supreme and Forticrete businesses.  The Group has a well-established position as a leading supplier to the UK housebuilding and RMI sectors and is the leading brick manufacturer by volume in the UK, with an approximate 40% market share.

Ibstock raised £100 million to enhance the Group’s ability to execute its future growth plans, in an initial public offer priced at 190 pence per share, giving the business a market capitalisation of £770.5 million at admission.

Ibstock was admitted to the premium listing segment of the Official List and to trading on the Main Market on 27 October 2015, under the ticker IBST. 

Wayne Sheppard, Chief Executive Officer of Ibstock, said: "Our markets are benefiting from a powerful alignment of growth factors and with UK brick demand now exceeding current manufacturing capacity, a significant opportunity has been created for a UK manufacturer to expand capacity.  The combination of structural demand growth, supply-side constraints and government support have enabled Ibstock to establish strong momentum within its business, making this an exciting time for us to return to the public markets.  With a pipeline of multiple initiatives in place, including new capacity and new product development, we look forward to continuing to implement our successful growth strategy as a public company."

J.P. Morgan Cazenove and UBS were Joint Sponsors.  J.P. Morgan Cazenove and UBS acted as Joint Global Co-ordinators and, together with Barclays Bank and Numis Securities, as Joint Bookrunners.  N M Rothschild & Sons acted as Financial Adviser to the Company. Citigate Dewe Rogerson was financial PR adviser.