12:37 pm, May 13, 2016
INDEPENDENT vehicle retailer Motorpoint has raised £100m after floating on the London Stock Exchange Main Market.
The initial public offering saw the UK’s largest independent used car supermarket sell 50 million shares at 200p each, with shares rising to 214.75p.
Mark Carpenter, Motorpoint’s chief executive, said: ‘As the largest independent vehicle retailer in the UK, with a differentiated, multi-channel, disruptive business model and a compelling customer proposition built around choice, value and service, we believe that this listing on the LSE will provide the catalyst to take the company to the next stage of its growth.’
The move sees Motorpoint joining a buoyant London car dealer sector. The strength of the British car industry attracted three new names to the stock market in 2015, comprising online car marketplace Auto Trader Group plc, British Car Auctions owner BCA Marketplace plc and dealer Marshall Motor Holdings plc.
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