Liberum acts as Nominated Adviser and Sole Bookrunner on the AIM IPO of CMO Group plc raising £45m
We are pleased to announce that Liberum has successfully raised £45 million in connection with the AIM IPO of CMO Group plc. The shares were admitted to trading at 8:00 a.m. today.
On Admission, the market capitalisation of CMO was approximately £95 million.
CMO (AIM: CMO), the UK's largest online-only retailer of building materials, is disrupting a £27 billion predominantly offline market with a digital first proposition and market leading product choice, supported by high quality customer service and technical expertise. The Group currently operates seven specialist websites, Roofingsuperstore.co.uk, Drainagesuperstore.co.uk, Insulationsuperstore.co.uk, Doorsuperstore.co.uk, Tileandfloorsuperstore.co.uk, cmotrade.co.uk and Totaltiles.co.uk.
The Company intends to use the net proceeds of the Placing together with its existing cash resources to provide CMO with a long-term funding model; execute on strategic opportunities, both organically and through M&A; and reduce debt and restructure the Group’s balance sheet thereby providing further flexibility to fund future growth. Furthermore, the Admission is expected to provide the Group with a platform to attract, recruit and retain key employees with further incentivisation through equity ownership and long-term incentive schemes.
The successful raise of £45.0 million (the “Placing”) attracted strong support from high-quality institutional investors. The Placing of 20,659,641 new shares raised gross proceeds of £27.3 million for the Company. The Placing of 13,431,268 sale shares raised gross proceeds of £17.7 million for the selling shareholders which include Key Capital Partners. On Admission, Key Capital Partners owned approximately 26.8 per cent; Founders owned approximately 10.4 per cent; and senior management owned approximately 6.4 per cent. of the issued Ordinary Shares.
Liberum acted as Nominated Adviser and Sole Bookrunner on the IPO, and is retained as Nominated Adviser and Sole Broker to the Company post Admission. GCA Altium acted as Financial Adviser to the Company.
Investment Banking - Andrew Godber, Lauren Kettle, Louis Davies, Cara Murphy, Anthony Schia
Sales Leads - Oliver Baxendale, Al Smallwood
Research - Charlie Campbell, Wayne Brown
Legal - Rebecca Gordon, Alice Foster
CIR - Marcio Remedios
Settlements - Rob Simpson, Mark Proctor
Sales Trading - Mark O’Hara