Promethean set for £400m listing

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Promethean set for £400m listing

Simon Quicke

It has been a while since a player in the channel has opted for a stock market listing but in a further sign that the market is returning to a pre-recessionary position Promethean has set its sights on flotation.

The Blackburn-based interactive white board specialist has been tipped to float since the start of the year and the company has now raised £185.7m to give it an expected market capitalisation of £400m with shares going on sale at 200p each.

In a statement the company set out the plans for the use of the income that will be generated from going public.

"The Company intends to use the net proceeds from the issue of the new shares to repay existing debt and establish a modest net cash position for the Group," it stated.

Goldman Sachs and JPMorgan Cazenove are acting as joint global co-ordinators and bookrunners for the public offering.

Private equity firm Apax Partners is expected to sell its 25% stake in the business.

Graham Howe,  chairman of Promethean, said that it had already received a positive response from prospective shareholders.

"Promethean has achieved much since its foundation but we see this as no more than a great platform upon which we can build very strongly in the years ahead as a quoted public company and we look forward to doing so." 
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