London Stock Exchange welcomes Biffa plc to the Main Market
London Stock Exchange today welcomes Biffa plc to the Main Market. Yesterday Biffa took part in a Market Open Ceremony to mark the admission of its shares to trading.
Headquartered in High Wycombe, Buckinghamshire, Biffa is a leading UK-based integrated waste management business. The Group operates across the breadth of the waste management value chain, including the collection, treatment, processing and disposal of waste and recyclable materials, as well as related work in the production and sale of energy derived from waste and the sale of recovered commodities such as paper, glass, metals and plastic.
Total gross proceeds receivable by the Company are estimated to be approximately £262 million. On admission Biffa plc is expected to have a market capitalisation of £450 million.
Admission gives the Group access to a wider range of capital-raising options, which may be of use in the future and will further enhance Biffa’s strong brand reputation.
JP Morgan Securities plc and Citigroup Global Markets Limited acted as Joint Sponsors and Joint Global Co-ordinators. They acted alongside HSBC Bank plc as Joint Bookrunners. The Lead Manager was Peel Hunt LLP. Rothschild was the Financial Advisor to the company. Linklaters and Clifford Chance provided legal counsel. Instinctif Partners provided strategic public relations advice.
Ian Wakelin, Group Chief Executive said:
"A return to the London Stock Exchange is a significant milestone for Biffa and a testament to the hard work of all our staff. This listing is an endorsement of Biffa's business model, strategy, track record and prospects.
The company is well placed to exploit structural changes in the UK waste market, leveraging its diversified and integrated operations right across the country. Biffa will continue its disciplined approach to capital allocation and to capturing further operational efficiencies by optimising its systems and processes.
We welcome our new shareholders and look forward with confidence to the next stage in the development of Biffa as a public company."