Member Article

Flotation of Wakefield’s Card Factory predicted to generate £90 million

Card Factory plc, the Wakefield-based retailer of greeting cards, expects that it will receive £90 million of gross proceeds from its IPO.

The offer represents 38.7% of the Ordinary Shares of the company and is expected to raise gross proceeds of £206.6 million for the Selling Shareholders.

They announced the successful pricing of their initial public offering of 131,834,049 Ordinary Shares at 225 pence per Ordinary Share.

Richard Hayes, CEO of Card Factory, said: “Since our first store was set up in Wakefield in 1997, Card Factory has firmly established itself as the leading specialist retailer in the large, resilient and growing UK greeting cards market, and now operates from over 700 stores nationwide.

“Ours is a well-invested and cash generative business with a strong business model, creating an excellent platform for further profitable growth.

We welcome our new shareholders, and our priority now is to execute our clearly defined growth strategy on their behalf“

This was posted in Bdaily's Members' News section by Clare Burnett .