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Pebble is rocking a GBP 135mn IPO
Posted on Monday, 02 December 2019 14:42
UK promotional products-focused software provider Pebble Group is expecting to achieve a market capitalisation of GBP 175.80 million on admission to London’s Aim on 5th December.
The Elysian Capital-backed, Manchester-based company’s offering of 167.45 million new and existing shares at 105.00 apiece is worth GBP 135.43 million.
Pebble intends to use proceeds totalling GBP 79.21 million from the sale of 75.43 million new stocks to repay debt and settle the outstanding consideration from the acquisition of subsidiary Facilisgroup.
The 53.55 million existing shares on the block will fetch GBP 56.23 million; Elysian Capital will retain a 14.0 per cent stake of the post-IPO capital and management a 9.0 per cent interest.
Pebble’s directors believe the growing promotional market is worth more than USD 50.00 billion globally on a yearly basis and accounts for about 10.0 per cent of the wider expenditure worldwide.
The group, which has operations in the UK, Ireland, Germany, Turkey, China, Canada and the US, has two differentiated businesses focused on specific areas of this sector.
In the first instance, Brand Addition sources and delivers complex and creative publicity to support the marketing efforts of clients operating in a wide range of sectors, such as banking, charity, health and transport.
Meanwhile, Facilisgroup provides a subscription-based software-as-a-service platform for the administration of orders, sales analysis, customer relationship management and reporting.
This business offers its products, which include business intelligence, buyer power and community events, to small and medium-sized enterprises involved in distributing promotional products in the US and Canada.
Pebble’s revenue has increased by a compound annual growth rate (CAGR) of 16.0 per cent from GBP 74.10 million in the 12 months ended 31st December 2016 to GBP 99.80 million in FY 2018.
Its adjusted earnings before interest, tax, depreciation and amortisation have risen by a CAGR of 34.3 per cent over the same timeframe – from GBP 7.60 million in FY 2016 to GBP 13.70 million in FY 2018.
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