Revolution Bars, the 58-strong group led by Mark McQuater, has announced the expected price range of its IPO with a prospectus expected to be published later today.
The expected price range for the offer has been set at between 200p to 240p per share, making its market capitalisation at admission approximately £110m.
In a statement to the city earlier the company said the offer, from the selling shareholder Caspian Bidco Ltd –which includes Alchemy - would be made up of between 38.2m and 48.1m shares, representing between 76.4% and 96.2% of the shares on admission. The mid-point of the price range and of the offer size range equates to an offer size of £95m.
Final pricing is expected to be announced on or around 13 March 2015, with conditional dealings in the shares beginning on the same day. Admission is expected on or around 18 March 2015.
McQuater said: “Revolution Bars Group is one of the leading players in the UK’s premium drinking out and casual dining out markets, with a well-invested trading estate of 58 bars that is generating market-leading returns in this sector. Both Revolution and Revolución de Cuba are premium brands which target a growing market where we believe a premium offering is in demand. We believe that a successful listing will complement the group’s growth strategy and help support our roll-out plans for the group’s branded bars in the UK.”
