The Blackburn-headquartered maker of electronic whiteboards for classrooms is likely to sell 50 per cent of its equity in the March flotation. Apax Partners, the private equity firm which owns a quarter of the business, will exit completely.
The move is bold given the failure of New Look, Travelport and Merlin Entertainment to get initial public offerings (IPOs) off the ground last week. However, advisers Goldman Sachs and JPMorgan Cazenove are confident Promethean’s absence of leverage will set it apart from other private equity-backed offerings.
Research analysts from the investment banks will begin canvassing institutional investors this week, with the float projected to go ahead in three weeks’ time.
Fashion retailer Supergroup will also announce plans to raise up to £125m through a listing today. The Cheltenham-based firm, which owns the Cult Clothing shops and the Superdry brand, is aiming for a total valuation of around £400m.