SandpiperCI lists with price of £75m
CHANNEL Island retail group SandpiperCI has listed on the International Stock Exchange, with a market capitalisation of £75 million.
Sandpiper’s chief executive, Tony O’Neill, said: ‘We are very pleased to have successfully listed on TISE and welcome all new shareholders to the company. This listing is the culmination of strong performance over the last three years since the company was taken into local ownership. The TISE listing raises our profile while, at the same time, enabling wider participation in the ownership of the company and providing an ongoing market for the shares. We now have more than 120 new shareholders, the vast majority of whom are Channel Islands’ residents, which is entirely appropriate for the largest retailer in the islands.’
As part of the listing, 25.1 million shares were sold at a price of 75p per unit.
SandpiperCI operates 14 high-street franchises in Guernsey and Jersey, employing more than 1,100 people. Brands include Morrisons Daily, Iceland, Cornish Bakery and Costa, with Laura Ashley being their latest addition.