Applegreen has just informed the Dublin and London stock exchanges that it will proceed with its anticipated stockmarket flotation in the second half of June.

The company, which is the market leader in the motor fuel market in Ireland with a 12% share, plans to raise about €70m in new funding through the placing of new shares to coincide with its flotation.

This will include the partial sale of ordinary shares by the company’s founders, Bob Etchingham and Joe Barrett, and by members of the senior management team.  Applegreen expects that about 25% of the company’s shareholding will be owned by new market participants after the flotation

The funding will be used to upgrade and rebrand up to 70 motorway and forecourt sites in Ireland and Britain; to accelerate expansion in those markets, where it’s currently growing by about 20 sites per annum; and to expand in the US, where it operates four service stations in Long Island, New York.

The Dublin-based corporate financier Danny Kitchen is to join as Chairman.