Move values infrastructure business at £70m
Nexus Infrastructure has joined the AIM stock market via an IPO, valuing the company at around £70m.
The group – founded in 1976 and comprising groundworks business Tamdown and utilities arm Triconnex – placed 18.9 million shares at 185p each, raising gross proceeds of £35m.
Selling shareholders have agreed to hold their remaining stakes for 12 months following the firm’s launch on Aim, while Mike Morris, Nexus’ chief executive; Keith Breen, one of the group’s co-founders, and the group’s finance chief, Alan Martin – all principal selling shareholders – are subject to a restricted sale period of an additional 12 months.
Morris described the listing on AIM as “an important milestone” for the group.
“The directors and senior management team, who have extensive experience in the infrastructure services and utilities sectors, will retain a significant shareholding in the company and will be fully aligned to the interests of all stakeholders and the future success of the business,” he added.
Nexus numbers house builders Countryside, Bellway, Persimmon, Taylor Wimpey and Barratt among its client base.