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British electricals business Luceco sets sparks flying with £200m float

Jack Palmer
Luceco, an LED lighting and portable power manufacturer, is aiming to raise £25m from the flotation which could go ahead as early as next Monday.
Luceco, an LED lighting and portable power manufacturer, is aiming to raise £25m from the flotation which could go ahead as early as next Monday (Source: Getty)

A British electricals business is planning a float worth at least £200m, giving a new spark to the UK’s initial public offering (IPO) pipeline.

Luceco, an LED lighting and portable power manufacturer, is aiming to raise £25m from the flotation which could go ahead as early as next Monday.

An equity holder in the company, Epic Private Equity, will sell half its shares, decreasing its stake down to 24 per cent. It will still maintain a significant presence in the company, however, as will the current management team, sources confirmed.

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The sale of these shares will generate at least £50m for the private equity firm, which undertook a management buyout of Luceco in 2005 for only £4.3m.

Luceco has annual sales of £125m. The potential £25m generated by the flotation will go into decreasing the company’s debts.

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It is proceeding with the flotation plans despite other big companies pulling out of their proposed listings in the last week.

Pure Gym blamed the volatile market situation for cancelling its £500m flotation and Krispy Kreme UK opted for a US sale.

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