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Stelrad and ProCook steel themselves for IPO
Thursday 21 Oct 2021 Author: James Crux

A number of companies, such as roofing tiles maker Marley, have shelved float plans amid market volatility and there are concerns the quality of initial public offerings is deteriorating following a sustained new issues boom, yet some interesting hopefuls are testing investor appetite for new issues.

Among the potential main market newcomers is direct-to-consumer kitchenware brand ProCook, reportedly seeking a valuation of up to £250 million through an offer that would include retail investors.

The Daniel O’Neill-led company designs, sources and sells affordable cookware, kitchen accessories and tableware in what is a highly competitive market. In the UK, ProCook sells directly to customers through its own website and operates more than over
50 brick and mortar stores, while demand from European consumers is sated through third party websites.

ProCook’s sales grew by 37% to £53.4 million in the year ended
4 April 2021, with adjusted EBITDA warming up 246% to £13.3 million. O’Neill sees significant growth opportunities in the £3.6 billion UK kitchenware market and the £8.1 billion kitchenware market in Germany, France and the Netherlands.

Also planning to list on the main market, with a mooted valuation of around £350 million, is steel panel radiators maker Stelrad. In the year to June 2021, sales grew 23.4% to £242.5 million and operating profit surged 64% higher to almost £32 million, as resilient Stelrad profited from a rally in sales volumes, cranked out products from lower cost facilities and successfully passed on higher steel prices.

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