Superyacht service and supply group Global Yachting Group, is expected to begin trading on AIM on Wednesday 5th July 2017.
The group, comprising Pinmar, Rolling Stock, ACA Marine, Pinmar Supply and Techno Craft, announced its application to admit its entire issued share capital to begin trading on AIM, operated by London Stock Exchange.
GYG’s shares are expected to be available for dealings from 08:00am on 5th July 2017, with ISIN number GB00BZ4FM652.
Further to issuing its entire share capital to trading on AIM, 6,944,692 new and 21,488,386 existing ordinary shares have been placed at 100 pence per share by Zeus Capital. The company is expected to have a market capitalisation of around £46.6 million on admission.
The announcement of this Initial Public Offering (IPO), has followed a period of sustained organic growth and growth by acquisition at GYG since March 2016, when Lonsdale Capital Partners provided a private equity investment to the Group.
Alan Dargan, founder of Lonsdale said, “In the 15 months since our investment in GYG, the company has acquired a majority stake in ACA Marine, which has provided us with a strong position in the South of France in terms of both new build and refit.
“We have also begun a strategic partnership with Savannah Yachting Center in Georgia, US, which is developing a large refit facility, as well as a strategic partnership with Palumbo Group.
“The company is healthy and has continued to grow and develop, the company’s profitability has improved dramatically. EBITDA was up 33 per cent in 2016, and 2017 is going to be extremely strong as well. We discussed our position with the management team and decided that an Initial Public Offering would suit the company.”