Polypipe Group plc’s initial public offering

Date Announced:

Polypipe Group plc

Closed – 04/2014

£320 million Read the case study

Exclusive Financial Advisor to Polypipe Group on its £320 million Initial Public Offering

On April 11, 2014, Polypipe Group plc (“Polypipe”), the largest manufacturer by revenue in the United Kingdom of plastic pipe systems for the residential, commercial, civils and infrastructure sectors, successfully completed its initial public offering at a price of £2.45 per share and began trading on the London Stock Exchange. Proceeds of £320 million were raised for existing shareholders. Moelis & Company was mandated by the company and its private equity backer Cavendish Square Partners to evaluate strategic alternatives. Following an extensive review of all sale and timing alternatives, Moelis & Company advised the company to consider an IPO and to delay any exit until 2014 in order to maximize value. This advice resulted in a valuation significantly above the company’s initial expectations. The transaction represents the largest IPO in the UK construction & building products sector in the last 15 years and the second largest ever.

Given the momentum in the share price, with the stock trading meaningfully above the IPO price, Cavendish Square Partners decided to reduce its holding in Polypipe via a £50 million accelerated bookbuild offering. Moelis & Company advised Cavendish Square Partners on the transaction, which was completed on December 11, 2014.

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