CMS has advised Tortilla Mexican Grill plc on the matter. Stephenson Harwood has advised Liberum as nomad and sole broker.
Tortilla Mexican Grill plc (Tortilla), has been listed and admitted to trading on the AIM market of the London Stock Exchange, by way of a placing of new and existing ordinary shares at a price of 181 pence per share.
Tortilla is the largest and most successful fast-casual Mexican restaurant group in the UK.
The IPO is expected to raise approximately £23m for selling shareholders, and £5m from the placing of new shares, giving Tortilla a market capitalisation of £70m on admission.
The proceeds from the listing will be used to accelerate its growth plans and execute on strategic opportunities in line with its long-term growth strategy. This includes accelerating its UK rollout, developing and executing on scalable franchise opportunities, expanding its cloud kitchen portfolio and other strategic initiatives. It will also provide access to capital should additional financing be required in the future to further expand the business.
The transaction was co-led by the head of the firm’s leisure practice David Roberts (Picture) and CMS’s head of Equity Capital Markets Alasdair Steele, with significant input from a team of corporate associates led by corporate senior associate Harriet Serpis and specialists drawn from all over the firm.
The Stephenson Harwood team was led by partner Tom Nicholls, who was supported by associates Victoria Silver and Jack Digby.
Involved fees earner: David Roberts – CMS Cameron McKenna Nabarro Olswang LLP; Harriet Serpis – CMS Cameron McKenna Nabarro Olswang LLP; Alasdair Steele – CMS Cameron McKenna Nabarro Olswang LLP; Jack Digby – Stephenson Harwood; Tom Nicholls – Stephenson Harwood; Victoria Silver – Stephenson Harwood;