International legal practice, Osborne Clarke, has advised Cenkos Securities plc, in its capacity as nominated adviser, sole bookrunner and sole broker, on Lords Group Trading plc’s successful £150 million AIM IPO and associated £52 million institutional placing.
Lords is a specialist distributor of building, plumbing, heating and DIY goods. The group principally sells to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retails directly to the general public.
The placing raised gross proceeds of £30 million and £22 million for Lords and the selling shareholders, respectively. Admission and trading in the company’s ordinary shares will take place on 20 July 2021.
The Osborne Clarke team that advised on the IPO was led by Head of Equity Capital Markets, Jonathan King, who was assisted by Senior Associate Ed Nisbet and Stuart Miller and Associate Oliver Woods.
The transaction represents the fifth AIM IPO that Osborne Clarke has advised on in 2021. In the first half of the calendar year, it advised the issuer on three other AIM IPOs (acting for In The Style, AMTE Power and TEAM Asset Management) which resulted in it being ranked by Lexis Nexis as the legal adviser that had advised the issuer on the largest number of AIM IPOs in that timeframe. The IPO is also Osborne Clarke’s third transaction in the construction sector this year, having advised Cenkos on the £93 million placing for Brickability Group plc in June and Liberum on the £95 million IPO for CMO Group plc earlier this month.
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.