Rosebank Industries makes bullish London debut

Rosebank Industries (LSE:ROSE) saw a bullish stock market debut in London with investors quick to get back on board with a management team that’s got a proven track record.

Trading at 477.5p, the newly listed shares are up from the 250p issue price in Rosebank’s IPO.

The company, which is currently a cash-shell, raised £50 million of new capital in the IPO which had set a market valuation of £88 million ahead of the float.

Investors have high expectations for the company, given the management’s previous success with Melrose which came to market as a small company in 2003 and hit a peak value of £12 billion in 2020.

Rosebank executives Simon Peckham and Christopher Miller steered Melrose for much of that timeline, and investors are evidently keen to back this new venture.

Like Melrose, Roseban intends to undertake "buy, improve, sell" strategy, targeting undervalued and underperforming industrial or manufacturing businesses in the UK, Europe, and North America.

Attention will now be peeled to see what deals come the vehicle's way in the coming months.