Investors were left drowning their sorrows with vodka yesterday after the bar chain Revolution had an underwhelming stock market debut.
The company set its flotation price at 200p, at the bottom of a 200p to 240p range, giving it a market capitalisation of £100m. Its shares slipped as low as 193p before ending the day at 199p, down 1p on the day.
Revolution has 58 bars across the country, including six in London, trading under the eponymous brand as well as Revolucion de Cuba.
The typical customer spends £30, with the group, previously a student vodka outlet, having repositioned itself as a “cocktail, premium drink and food-led” chain. It has plans to increase its bar count to 140.
Its private equity owner Alchemy Partners raised £86m in the listing by selling a 90 per cent stake.
The chief executive Mark McQuater said: “We believe we are ideally placed to proceed with our growth strategy and roll-out plans for Revolution and Revolucion de Cuba.”Reuse content