GYG announces intention to float on AIM

Ahead of its initial public offering, GYG, a superyacht painting supply and maintenance company with revenues of €54.6m in fiscal year 2016, announced it had priced its shares at 100.0p.

The group said a public listing would boost its reputation and profile, incentivise key employees and give it the ability to use AIM quoted shares as a form of currency for potential future acquisitions.

"Well positioned" within what it described as a growing and resilient market worth €290m in 2015, a client base owning 25 of the 50 largest superyachts and a global presence and operations across the Mediterranean, Northern Europe and US, GYG said it was excited to expand on their global offering.

"We have been very pleased with the level of demand we have received from investors and would like to welcome our new shareholders to our register as well as thanking our existing investors for their continued support. The superyacht market is growing and resilient and I am very excited about the next stage of our journey as we continue to grow our global offering," said Remy Millott, Chief Executive of GYG.

In parallel to its float, GYG was planning to place 6.94m shares at its IPO prices, using the proceeds to pay shareholder loan notes and the costs of its IPO.

The entire issued share capital, including the placing of new shares, was expected to give the firm a market capitalisation of £46.6m after listing all its shares.

Existing shareholders would also place 21.5m ordinary shares in order to realise a part of their investment.

Dealings in its shares were expected to commence at 0800 BST on 5 of July.

Zeus Capital was acting as its nominated advisor and sole broker.