Arena Group, the company that provides temporary structures and seating for Wimbledon, Cheltenham Races and other major UK and international sporting events, was admitted to AIM in a £60m IPO.
The company announced its intention to float on Wednesday 12th July and began its first day of dealings on 25th July. Currently backed by private equity firm MML Partners, Arena Group floated the vast majority of its shares to serve up the IPO.
With offices located around the UK and across the globe, Arena Group is well placed to go public on London’s Junior Market and the float should provide it with the advantage needed to smash home its superiority in the sports events space, while providing strong returns for investors.
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Far from a wild card, Arena Group has a strong portfolio and is particularly renowned for its 67-year partnership with the All England Lawn Tennis Club (Wimbledon), providing temporary seating, food outlets, hospitality and ticket offices for the championship. The company already boasts a number of international events in its portfolio, including the US Open and the HSBC Abu Dhabi Golf Championships, but hopes that the IPO will allow for further expansion and global recognition.
Arena Group will bring Cenkos onboard as nominated adviser and sole broker for the float.
Of the float, Chief Executive Greg Lawless stated:
I am delighted to announce that our plans to apply for admission to Aim are moving ahead as it marks a key milestone in the development of the group.
We believe the listing will not only raise our international profile but will also enable us to provide additional incentives, by way of a share option scheme, for our senior executive team around our global operations.