Monday 30 May 2016 5:34 pm

Neil Woodford is expected to pick up a stake in Time Out when it unveils its plans to list tomorrow

Billy Bambrough is City A.M.'s deputy news editor.

Billy Bambrough is City A.M.'s deputy news editor.

Star fund manager Neil Woodford is expected to be among investors in line to pick up a stake in media group Time Out when it unveils plans for its London listing tomorrow. 

Time Out's long expected float on the London junior Aim market is set to value the company at between £185m and £225m.

The company, which has transformed its business model in recent years to become a digital media heavyweight, wants to raise £90m from the listing to fund expansion into new cities.

It's thought Time Out will remain loss-making for several more years as it invests in expansion of its food markets business, marketing activities, and its range of digital products.

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It's understood the company is keen to try and replicate the success of its Lisbon food market – which attracts 65,000 customers each week – in Berlin, London, Miami, New York and Porto.

The group's £25m of debt would also be payed down.

Lord Rose, the former chairman of Marks & Spencer and a director of Time Out's food markets unit, is understood to be set to join the board of the company when it lists. 

He'll be joined by Tony Elliott, Time Out's founder, as well as Christine Petersen, a former chief marketing officer of the online travel business TripAdvisor. 

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Oakley Capital, which has been Time Out's controlling shareholder since 2011, has united the brand by picking up its global and US interests – growing its digital revenue from 10 per cent to almost half of its total sales.

Investment bank Liberum is handling the listing. 

Both Time Out and Oakley Capital declined to comment.