Cafe owner Patisserie Holdings made its market debut this morning by pricing its shares at 170p, valuing the business at £170 million.
The owner of the Patisserie Valerie chain raised £32.8m through the float – on London’s Alternative Investment Market – to repay its debts, while selling shareholders have pocketed £46.5m.
Executive chairman Luke Johnson – the former Channel 4 chair who previously backed restaurant chain Pizza Express – remains Patisserie’s largest shareholder with a 42.7 per cent stake.
He said: “We have grown the business from eight stores to 138 today, and I’m delighted that our new investors have recognised the potential to roll out Patisserie Valerie further.”
Unconditional trading in the group’s shares is expected to begin on Monday.