Flotation for £209m LED lighting company based in Telford

Luceco, which has its UK sales base on Stafford Park in Telford, is to sell more than 71 million shares in the company on the London Stock Exchange.

The offer is expected to raise £26 million for company coffers, and £67.1 million for the selling shareholders, including a number of the company's management team, with shares on offer for 130p each.

It gives the company, which employs around 200 people at its 110,000 sq ft home in Telford, the capacity to push ahead with its growth plans.

Chief executive John Hornby said: "This IPO represents a significant landmark in Luceco's history and I am delighted to welcome our new shareholders to the register.

"We believe that listing on the London Stock Exchange will help boost the group's profile, whilst also giving us the financial and operational flexibility to maintain our strong growth rate and pursue our development strategy to create further value for investors."

Luceco boasts annual revenues of more than £100 million, which it achieves by selling energy saving LED lighting to customers in markets including trade and retail.

Sales have been increasing rapidly in recent years, the company's prospectus shows, with full year turnover figures of £65.6 million for 2013, £82.3 million in 2014, and £103.1 million last year.

Its 2016 performance is ahead of last year's again, with Luceco (pronounced Lu-seek-oh) reporting half-year figures just shy of £60 million – up from £48 million at the same point in 2015.

Pre-tax profit for the year has also grown, and stood at £5.4 million after half the year.

While it lists its headquarters as being in London's Baker Street, its main UK operation is in the Nexus Building in Stafford Park in Telford.

Its manufacturing operation is at a colossal factory in Jiaxing in China, where it employs around 2,000 people, but its operation really centres on Shropshire, which is its key distribution centre. The company also trades in eight other countries around the world.

As well as lighting, the company also makes wiring accessories and portable power equipment, with growth areas including an increasing demand for USB ports in place of traditional three-pin plug sockets in new-build houses.

The company was rebranded as Luceco last year, and includes three key brands – British General, Masterplug and Luceco LED.

Following admission to the London market, former majority owner EPIC Investments will hold 24.3 per cent of the company, chairman Giles Brand will hold 5.5 per cent, chief executive John Hornby will hold 20.8 per cent and other members of Luceco's management team will hold 4.9 per cent.

"Growth has been strong across all the Group's brands with a particularly strong contribution from USB sockets and circuit protection units within BG and the expansion of the Luceco LED range," the company's said in a prospectus to investors.