Sunderland furniture retailer ScS has launched dealings on the London Stock Exchange with hopes to raise £35m for its private equity owners.
The firm’s first market note said that its entire issued ordinary share capital consisting of 40,000,000 ordinary shares of 0.1 pence each will today be admitted, with dealings starting at 8am.
The listing by the company, which employs around 1,400 people across the UK, represents an exit for US private equity firm Sun European Partners LLP, which bought ScS out of administration in 2008.
Through Parlour Products Holdings, an affiliate of Sun European Partners, the firm hopes to make £35m from the float.
Parlour Products Holdings will hold around 41.6% of the issued ordinary share capital of the company on admission. ScS will not receive any proceeds from the sales of ordinary shares in the offer.
Arif Ahmad, PwC partner and reporting accountant for the ScS IPO said: “We’re delighted to have worked on the successful IPO of ScS.
“We have a long standing relationship with the company and look forward to continuing to support the management team following their return as a listed company.
“The regional M&A market remains buoyant, and PwC is currently working with a number of companies on IPOs and other transactions.”