Fuel forecourt retailer Applegreen is set to raise as much as €30 million through a share placing.

The company, which raised €70 million in its initial public offering (IPO) in May 2015, said on Thursday evening it had hired Goodbody Stockbrokers and Shore Capital to sell five million shares in the market, equivalent to 6.2 per cent of the company’s share capital prior to the placing.

The shares are likely to trade at a slight discount to the €6.19 price at which they closed in Dublin on Thursday.

“The proceeds of the placing will be used to fund a pipeline of potential additional acquisition and development opportunities and to assist in the financing of the completion of recently announced” deals in the US and UK, it said.