CMO Group shares make premium-price London deut

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Building supplies e-commerce firm CMO Group PLC (LON:CMO) saw its shares jump on its London Stock Exchange debut.


CMO shares traded at 149p in Thursday’s early deals after last week raising GBP45mln in an IPO at a price of 132p per share (valuing the company at GBP95mln).


The company owns seven building materials websites (roofingsuperstore.co.uk, drainagesuperstore.co.uk, insulationsuperstore.co.uk, doorsuperstore.co.uk, tileandfloorsuperstore.co.uk, cmotrade.co.uk and totaltiles.co.uk) and describes itself as the UK’s largest online-only operator in the sector. It boasts more than 75,000 products in its catalogue.


Proceeds from the placing will support long-term funding, strategic opportunities and mergers and acquisitions.


“We are very proud to be marking a landmark day in the history of CMO,” said chief executive Dean Murray.


“The business has grown rapidly taking advantage of its innovative and differentiated model providing today’s internet savvy customer with the broadest range of product at highly competitive prices, delivered conveniently and efficiently.


“A successful completion of our IPO and admission to trading on AIM is an exciting next step on our growth journey.”


Murray added: “We are very pleased to welcome a strong blue-chip shareholder base who through their investment have endorsed the business by taking a stake in the company’s future.”

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