EDUCATION technology company Promethean is confident of its ability to list at a market value of up to £500m in March despite a spate of aborted initial public offerings (IPOs).
Research analysts from Gleacher Shacklock, Goldman Sachs and JPMorgan Cazenove began knocking on potential investors’ doors yesterday before the prospectus is published and bookbuilding begins in two weeks’ time.
One source close to the deal said: “Clearly markets are nervous. Some flotations, each with their own particular issues, have found it’s not for them.
But companies with high growth have held up better than the rest of the market.”
Last week, private equity giant Blackstone Group postponed a £1.2bn IPO of its Travelport online-travel business, while retailer New Look on postponed its £650m IPO, sparking fears over market conditions.