Safestore became the second London-listed self-storage company today with a market capitalisation of £449m

The UK’s largest self-storage company joined Big Yellow on the London Stock Exchange after raising £209m in an initial public offering (IPO), which reaped more than £150m for its private equity owner.

Safestore, which has 80 stores across the UK and 19 in France, plans to use £35m of the proceeds to fund growth.

The company said 72.37m shares were sold by existing shareholders and 14.58m new shares were sold at 240p each, representing around 46.5% of the share capital.

Private equity firm Bridgepoint, which took Safestore private in August 2003, has banked around £150m from the IPO. Bridgepoint has sold half its stake and agreed not to offload the remaining 41% for at least 180 days.

Chief Executive Steve Williams sold 2m shares, reducing his stake to 3.8% and netting £5.7m. The management team has retained a 10.5% stake.

Citigroup and Merrill Lynch were are joint global co-ordinators and joint bookrunners to Safestore.