Loo roll manufacturer Accrol (ACRL:AIM) has a satisfying start to life as a listed company, with the shares soaring 10% to 110p.
The company, which converts industrial paper reels into toilet paper, facial tissues and hand towels, has joined the AIM market with a market capitalisation of £93 million pre-share price surge.
It has raised £63.5 million which it will use to repay shareholder loan notes and refinance debt.
Accrol also hopes that the IPO, first announced in May, will increase its profile and help its expansion plans.
Chief financial officer James Flude previously told Shares there is a big opportunity to grow its market share in the supermarket sector, which currently stands at just 7%.
Accrol also has a 35% market share of the discount sector, which is growing rapidly.
The group claims it can pay an eye-catching dividend yield of 6% thanks to its cash generative model of buying and converting reels as oppose to manufacturing them.
