Tenpin, the UK’s second-largest bowling group, formerly known as Essenden, has announced the successful pricing of its IPO, giving it a market capitalisation of £107m.

Parent company, Ten Entertainment Group, placed16,250,000 Shares this morning at a price of 165p per share.

The offer represents 25% of the company’s issued share capital and is expected to raise £26.8m.

It will leave Harwood Capital owning c69% of the company and the directors 5.6%.

Tenpin, which operates 40 sites across the UK, was formed when Harwood Capital acquired Essenden in 2015 in a deal valuing the business at £44.7 million including debt.

Chairman Nick Basing said: “Today represents a springboard for the company to take advantage of the opportunities ahead. I would like to welcome our new shareholders who recognise our leading and differentiated proposition and the strength of our business model.”

Chief executive Alan hand said: “Our family focused offering provides great value entertainment in great locations, delivered with exceptional customer service. TEG’s experienced management and highly cash generative operating model together with a clearly defined growth strategy will enable us to deliver sustainable and growing returns for shareholders. We look forward to the future with real confidence.”