International legal practice, Osborne Clarke, has advised Cenkos Securities plc, in its capacity as nominated adviser, sole bookrunner and sole broker, on Lords Group Trading plc’s £150m AIM IPO and associated £52m institutional placing.
Lords is a specialist distributor of building, plumbing, heating and DIY goods. The group principally sells to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retails directly to the general public.
The placing raised gross proceeds of £30m and £22m for Lords and the selling shareholders, respectively.
The Osborne Clarke team that advised on the IPO was led by head of Equity Capital Markets, Jonathan King, who was assisted by senior associate Ed Nisbet and Stuart Miller and associate Oliver Woods.
The transaction represents the fifth AIM IPO that Osborne Clarke has advised on in 2021. In the first half of the calendar year, it advised the issuer on three other AIM IPOs – acting for In The Style, AMTE Power and TEAM Asset Management
The IPO is also Osborne Clarke’s third transaction in the construction sector this year, having advised Cenkos on the £93m placing for Brickability Group plc in June and Liberum on the £95m IPO for CMO Group plc earlier this month.