H2's Eurocell to list in London

Eurocell's listing will see a 25% minimum free float for the business, as H2 sells down part of its holding in the company it acquired in September 2013. No over-allotment option will be offered, according to Eurocell's intention to float.

H2 is expected to remain the largest shareholder in the company after the listing.

The GP has agreed to a 180-day lock-up period for shares not included in the offering, while senior management has agreed to wait a year before selling additional shares.

Eurocell had revenues of £173m in the 2014 calendar year and adjusted EBITDA of £26m.

Cannaccord Genuity is the sponsor and sole bookrunner for the IPO, with Peel Hunt as co-lead manager and Rothschild as financial adviser.

H2 acquired Derbyshire-based Eurocell in a buyout from Belgian company Tessenderlo Group two years ago.

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