07/06/2010 The London Stock Exchange welcomes Capital Drilling Ltd to the Main Market
The London Stock Exchange today welcomed Capital Drilling Ltd, the mineral drilling services company, (ticker :CAPD) to mark the first day of trading in its shares on the Premium Segment of the Main Market. This follows Capital Drilling’s IPO which included gross placing proceeds of £20.8m giving the Company a market capitalisation of approximately £82.8m.
Capital Drilling is a world class provider of specialised drilling services to mineral exploration and mining companies in emerging markets, particularly in Africa and Asia, for exploration, development and production stage projects.
The Company intends to use net proceeds of the Placing of the new shares to purchase new drilling rigs and associated support equipment in order to fulfil existing and new client contracts, as and when required; for working capital purposes associated with maintenance and investing for the increased fleet size and to refurbish existing drilling rigs
Commenting on the IPO, Brian Rudd, CEO, said:
“I’m delighted with the level of interest and support that we have received from investors during the IPO process in the face of extremely challenging market conditions. The quality of our service offering is unmatched in the drilling market and the fundamentals of our business are strong. I look forward to updating our new shareholders on the Company’s progress going forward.”
Liberum Capital Limited acted as Sponsor, financial adviser and broker to the placing.