The London IPO at a company value of £750 million will help Sagi’s planned £300 million development of the tourist attraction.
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Israeli billionaire Teddy Sagi is set for his fourth IPO in London. As “Globes” first revealed three weeks ago, Sagi will hold an IPO for Camden Market on London’s secondary stock market, the Alternative Investment Market (AIM), in the next month. Sagi will offer 13% of Camden Market in order to raise £100 million ($156 million) at a company value of £750 million ($1.2 billion).
The IPO will be supported by Jefferies investment bank and DLA Piper law firm. Sources in the Teddy Sagi Group say bthere is already large demand for the offering.
In March 2014, Sagi bought Camden Market Holdings, which includes Stables Market and Camden Lock Village, for £400 million. In October, he paid a further £70-90 million to buy the adjacent Camden Lock and Buck Street. Sagi thus owns the most important four of the six sections of the market, which is the second biggest tourist attraction in London after Buckingham Palace with an estimated 40 million visitors each year.
Sagi plans investing over £300 million in developing the market by the start of 2018.
In recent weeks, the Group opened a 15, 000 square meter logistics warehouse to handle increased online purchases from the market.
The Camden Lock IPO will be Teddy Sagi’s fourth in London following online gaming platform Playtech Cyprus Ltd. (LSE: PTEC) (market cap $3 billion), clearing company SafeCharge International Group plc (AIM: SAFE) (market cap $551 million), and digital ad optimization company Crossrider Ltd. (AIM:CROS) (market cap $254 million).
Published by Globes [online], Israel business news – www.globes-online.com