A couple of weeks ago Crest announced its intentions to return the stock market. Well it was revealed yesterday that the shares have got off to a good start.
Conditional dealings began yesterday with the company pricing its initial public offering at 220p per share, a market value of £553 million. A figure that is slightly higher than expected when Crest revealed its return to the stock market in January.
A report from the Financial times has revealed that the shares have reached 250p which is more than the 220p original price.
The shares are being sold in order to raise £225 million which will be used to repay £170 million worth of debt.
Crest CEO Stephen Stone said: "We are delighted our initial public offering has been successful and there has been strong interest from investors. This is the first significant IPO of 2013 which bodes well for our industry and the wider market. Having spent 39 of our 50 years as a listed company, we look forward to re-joining the public markets."