ProCook, a UK kitchenware brand founded 25 years ago as a family business, is set to list its shares on the London Stock Exchange (LSE). The latest reports suggest that the company is aiming for a valuation of up to £200 million when it officially goes public.
Here are more details on the planned listing and a look at whether you can buy the company’s shares.
[top_pitch]
What is ProCook?
ProCook was founded in the mid-1990s by Daniel O’Neill as a business that sold cookware by direct mail. Today, the company sells products to consumers through its website and also operates a growing portfolio of more than 50 retail stores that are spread across the UK.
Financially, the company has performed relatively well in recent times, with its revenue for the year ending 4 April 2021 growing by 37% to £53.4 million.
Over the period from FY17 to FY21, the company has delivered an annual growth in sales of 33% CAGR.
Meanwhile, in the 24 weeks to 19 September 2021, overall revenue increased by 67.2% and 38.8% compared to the same period in FY20 and FY21 respectively.
When is the ProCook IPO happening and how many shares are on offer?
An official date for the IPO has not been set yet, but it could happen before the end of November. The offer will consist of 43.7 million shares, which is about 40% of the issued share capital. The company will be eligible for inclusion in the FTSE UK indices.
The price range for the offer has been set at 137p to 185p per share. This implies an estimated market cap of between £150 million and £200 million.
According to ProCook, the money raised from the offer will “support the Group’s growth plans by increasing the Group’s public profile and brand awareness”. The money will also be used to “further improve the ability of the Group to attract and retain high-quality talent”.
[middle_pitch]
How can you buy shares in ProCook?
You will be able to buy ProCook’s shares once the company officially goes public.
The easiest way to buy shares in publicly traded companies is through an online share dealing account. If you don’t have a share dealing account, opening one is relatively easy and only takes a few minutes. Check out our comparison of some of the top-rated share dealing accounts in the UK to see if you can find one that suits your needs.
If you want to invest as tax-efficiently as possible, you might want to consider opening a stocks and shares ISA. This is essentially a government-approved tax wrapper that can be put around a wide range of investments, including the individual shares of companies like ProCook (once they are available to the public) to protect them from tax. You can put up to £20,000 into a stocks and shares ISA every year.
Just remember that there are no guarantees when it comes to investing. Your investments can rise and fall, and you may end up with less than you put in. Before you invest, do your research to see if your intended investment has good long-term potential.
