Kitchenware maker ProCook plans IPO on London Stock Exchange

Kitchenware maker ProCook plans IPO on London Stock Exchange

LONDON, UK: ProCook, the UK’s leading direct-to-consumer specialist kitchenware brand, is considering an initial public offering (IPO) on the Main Market of the London Stock Exchange.

The ProCook IPO would include an offer of existing shares to be sold by existing shareholders. The ProCook IPO would include an intermediary offer in the United Kingdom, under which the shares would be offered to intermediaries that will facilitate the participation of their retail investor clients.

Immediately following admission, ProCook expects that it would have a free float of at least 25 per cent of ProCook’s issued share capital and that it would be eligible for inclusion in the FTSE United Kingdom indices.

ProCook has many years’ experience of extending product ranges and building comprehensive categories in the kitchenware market with the range growing 37% between the period FY17 to FY21 from approximately 1200 products to over 1,600 products.

Its most recent expansion into tableware is progressing well, with steady market share growth in the £2 billion UK tableware market between 2015 and 2020 from 0.1% to 0.3% of the market.

The adjacent category of kitchen electrical items is complimentary to the current ProCook offer and the market is worth £1.1 billion in the UK in 2020. The Group is planning to launch a small, curated range of high quality own-branded products featuring the same attention to design details as other categories in FY23.

ProCook has engaged Peel Hunt LLP as sponsor and Sole Bookrunner in the event the Offer proceeds.

Daniel O’Neill, CEO and Founder, commented: “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.”

Greg Hodder, Non-Executive Chairman, added: “ProCook is a brilliant business with strong entrepreneurial foundations and a family-run culture, designing and sourcing beautiful, quality products at great value. It has a clear strategy to become the first choice for kitchenware through customer acquisition and retention, and channel development.

“What Daniel and the team have achieved over the last 25 years is remarkable, but there are still so many opportunities for ProCook, both in the UK and in Europe. The IPO will elevate the profile of the business and provide the right structure to take ProCook into its next chapter of growth, so we look forward to the exciting journey ahead.”

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