Kitchenware brand ProCook said on Friday that it’s considering an initial public offering on the main market of the London Stock Exchange.
The IPO would include an offer of existing shares to be sold by existing shareholders and will reportedly value the group at around £250m.
ProCook said the listing will support its growth plans by increasing the company’s public profile and brand awareness, further improving its ability to attract and retain high quality talent and creating a liquid market in the shares for existing and future shareholders.
Chief executive officer and founder David O’Neill said: “Today’s news reflects the incredible progress that ProCook has made in recent years and is testament to the efforts and dedication of all our staff in bringing us to this stage in our story.
“We have achieved a lot but there is more to come, and we are as ambitious as ever about sharing our passion for cooking, by inspiring and exciting customers with our expanding range of kitchenware.
“ProCook has a unique, direct-to-consumer proposition which has allowed us to grow the business at pace and differentiates us from others in the sector. We can take the brand much further, both in the UK through appealing to more customers and expanding our range, but also internationally. We look forward to taking advantage of these opportunities as a public company.”
For the year to 4 April 2021, ProCook’s revenue rose 37% to £53.4m, while adjusted earnings before interest, tax, depreciation and amortisation grew 246% to £13.3m. Over the period from FY17 to FY21, the group delivered annual growth in sales of 33% compound annual growth rate.
ProCook said it has continued to perform strongly in the 24 weeks to 19 September and in line with management’s expectations, delivering total revenue growth against the comparable periods in FY21 and FY20 of 38.8% and 67.2% respectively.
