Promethean eyes flotation

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Promethean eyes flotation

Simon Quicke
Interactive whiteboard specialist Promethean has announced plans to go ahead with an IPO emphasising its belief there is still plenty of life in the IWB market.

In a submission made to the London Stock Exchange Promethean outlined its ambition to float and set out its prospects.

The company painted a picture of rapid expansion of IWB's into classrooms but made the point that the market was still in its infancy and there was plenty of room for expansion.

The funds from a share offer would be used to repay existing debts and provide some cash to fund the future.

In its prospectus the CEO Jean-Yves Charlier, said that it believed the growth of interactive learning technology was in its early stages.

The company also expects the flotation to help it reward and incentivising staff.

The company is valued at around £500m and the offer is expected to be completed in March.

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