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18 October 2016

IPOs in the News

Please note new share offers are not always made available to retail investors at issue and you should check with your usual Redmayne-Bentley branch for the latest information.

Cancelled IPOs

Pure Gym, Britain’s biggest gym operator, has cancelled its planned £190m flotation, citing “challenging IPO market conditions”. There is currently no indication if this is a postponement or an outright cancellation.

Further details have emerged on the long-expected sell-off of the government’s remaining stake in Lloyds Banking Group. The Offer had already been postponed once due to market volatility at the start of 2016, and, post-EU referendum, some commentators correctly predicted that the government would abandon its plan for a retail offer entirely, and make the remaining shares available to institutional investors only. Confirmation of this came on 7th October, with the chancellor stating that the shares would be sold via a “trading plan” which will make small tranches of shares only available to institutional investors.

Forthcoming IPOs

BGL, owners of Compare The Market, the price comparison site, expect to float in the first half of 2017, with Bank of America Merrill Lynch, UBS, RBC, Morgan Stanley and JPMorgan onboard. The expected valuation is £2bn.

Waste management firm Biffa’s plans have changed, apparently due to a lack of investor interest. Shares have been priced at 180p, down from the indicative range of 220p-270p.

Reading-based medical device maker Convatec is upgraded from ‘rumoured’ to ‘forthcoming’ as its plans were confirmed in early October. The company, which specialises in areas including wound care and continence, hopes to raise £1.4bn to pay down debt, with the flotation planned for late October or early November.

Banking software provider Misys has confirmed its return to the stock market, just four years after it was taken into private hands. With a hoped-for raise of £500m, and a potential valuation of £5.5bn, the flotation is planned for early November.

Industrial property developer Segro remains on course with its plans to raise £340m through the placing of new shares. 74.8m shares, or 9.9 per cent of its issued share capital, will be issued at 10p per share to fund “an identified pipeline of mainly pre-let developments”, though no date has yet been confirmed.

Rumoured IPOs

Following the recent flurry of media comment suggesting that a “£30bn float bonanza”, was due to hit the City in the next 6 months, further details have emerged on some of those mentioned. Sky Bet, which has seen revenues to the year ending 30th June grow to £373.6m, insisted that there are no imminent plans, while confirming that an IPO is the most likely route owners CVC Capital Partners will take when they decide to exit the business. O2 owners Telefonica SA are reportedly considering setting aside a portion of its IPO for individual investors with Mark Evans, O2’s CEO, saying that he would expect “reasonable demand” from the firm’s customers. The timeframe for the rumoured TI Automotive float has narrowed to November, according to several sources, with an expected raise of €600m.

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Please note that investments and income arising from them can fall as well as rise in value and you may get back less than you originally invested. Past performance and forecasts are not reliable indicators of future results and performance. Our views do not constitute a recommendation to buy or sell any of the investments mentioned.

IPOs in the News

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