Apax-backed Promethean to launch £448m IPO
According to reports, Apax Partners-backed Promethean World, the UK education technology group, is aiming to raise up to £224m by selling shares in an IPO that values the business at up to £448m.
The business is understood to have started bookbuilding for the listing with a target price range of between 180 to 225 pence per share.
The north-England based company is selling new shares worth about £114m, while Apax, who owns a 25% stake, is expected to sell secondary shares worth between £72m to £110m.
Promethean World supplies interactive white boards and associated software. It will use the IPO proceeds to repay shareholder loans. The business recorded a 33% rise in EBITDA to £33.9m in 2009.
Goldman Sachs and JP Morgan Cazenove have been appointed bookrunners for the transaction.
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