Channel Islands-based retailer Sandpiper CI Group has listed on The International Stock Exchange.
As part of the listing, 25.1 million shares were sold at a price of 75p per share, the business announced last week.
The company, which has more than 80 stores across four countries and is a franchise partner of 14 UK retail brands, including Morrisons, across the Channel Islands, Spain and Gibraltar, now has 100 million shares in issue. Its opening market capitalisation is £75m.
“We are very pleased to have successfully listed on TISI and welcome all new shareholders to the company,” said Sandpiper CEO Tony O’Neill. “This listing is the culmination of strong performance over the last three years since the company was taken into local ownership.”
O’Neill said the listing raised its profile, enabled wider participation in the ownership of the company and provided an ongoing market for the shares.
“We now have more than 120 new shareholders, the vast majority of whom are Channel Islands residents, which is entirely appropriate for the largest retailer in the islands,” O’Neill added.
“The business is highly defensible, backed up with a high-quality freehold property portfolio, including the Liberty Wharf retail complex in Jersey. We will continue to look for opportunities to expand our presence both in the islands and in other geographical territories where we can leverage our strong relationships with market-leading franchise partners”.
Fiona Le Poidevin, CEO of The International Stock Exchange Group, said she was “delighted to welcome Sandpiper to TISE and to our Channel Islands segment”.
“Sandpiper joins a growing cluster of Channel Islands headquartered companies which are listed on TISE,” she added.
“It is fantastic that this now includes a locally owned business that is synonymous with well-known brands such as M&S, Costa Coffee, Burger King and Laura Ashley and which each of us in the islands interacts with on an almost daily basis.” Sandpiper CI opened Morrisons Daily stores on the islands of Jersey and Guernsey for the first time last year as part of a franchise deal.