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Promethean outlines post listing potential in letter to resellers

Simon Quicke

Interactive whiteboard specialist (IWB) Promethean has written to its channel partners following its flotation announcement to outline what the move will mean for the business.

Promethean has been one of few IT companies to emerge at the start of this year in connection with a flotation and last Friday revealed it had raised £185.7m to give it an expected market capitalisation of £400m with shares going on sale at 200p each.

In the run-up to the listing the company stated that the money would be used to help the company pay off existing debt and generate cash to help position itself to exploit what it believes is still a significant opportunity in the IWB market.

In a letter to partners the company also made it clear the influx of funds would not change the way it operates with the channel.

"Although we are now a public company we do not envisage that there will be any material changes to the business itself. Our goals and ambitions remain the same," the letter to resellers stated.

It reiterated its belief that the IWB market, which has grown in the UK on the back  of strong spending by the education sector, still has a lot of room to grow.

"Our belief is that this market is still in its early days and the potential for further growth is significant," the letter added.
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