CABLING equipment maker HellermannTyton yesterday priced its London listing towards the bottom end of the range, valuing it at £420m.
It joins a string of companies to go public in London this month as a pick-up in markets revives demand for initial public offerings (IPOs).
Last week, British insurer esure, estate agent Countrywide and wind farm investment fund Greencoat UK Wind raised more than £1bn combined from selling shares.
HellermannTyton, which makes devices for fastening, fixing, identifying and protecting cables, said its sale of a 50.5 per cent stake in the company was priced at 195p per share, compared to an original range of 190p to 235p. It raised £211.9m, with £29.9m from the sale of new shares going to fund the company’s growth, including an additional 40 per cent of manufacturing floor space.
Existing shareholders will bank £182.1m, most of which will go to private equity company Doughty Hanson, which bought Hellermann for £332m in 2006 and reduced its stake to 46.1 per cent from 95.5 per cent through the offering. Goldman Sachs and JP Morgan Cazenove were joint global coordinators and bookrunners on the sale. Numis Securities acted as lead manager.
City A.M. Reporter