CORRECTED-HellermannTyton takes orders for London listing - sources
(Corrects year Doughty Hanson bought company, gives exact amount paid instead of approximate figure, both in paragraph 3)
* Offering expected to raise 205-250 mln pounds - sources
* Order books due to close March 26 - sources
LONDON, March 14 (Reuters) - Cabling equipment maker HellermannTyton has set a guide price range of 190 to 235 pence per share for its London listing this month, two sources close to the sale said on Thursday.
HellermannTyton joins British insurer esure and estate agent Countrywide in taking orders for its shares as a string of companies move to go public in London after years of subdued IPO activity due to the financial crisis.
Private equity firm Doughty Hanson bought HellermannTyton, which makes devices for fastening, fixing, identifying and protecting cables, for 332 million pounds ($499.7 million) in 2006.
Half of the company is up for sale and the offering is expected to raise between 205 million and 250 million pounds, the sources said.
If an overallotment option is exercised, whereby extra shares are sold to meet strong demand, the offer size could increase by 10 percent.
Most of the proceeds will go to Doughty Hanson, which is selling part of its stake, with another 35 million euros ($45.32 million) from the sale of new stock to be ploughed into the business.
Order books opened on Thursday and are expected to close on March 26, the sources said, with the company due to make its stock market debut the following day.
Goldman Sachs and J.P. Morgan are acting as joint global coordinators and bookrunners on the offering, joined by Numis Securities as lead manager. ($1 = 0.6700 British pounds) ($1 = 0.7722 euros) (Reporting by Kylie MacLellan; Editing by Tom Pfeiffer and Helen Massy-Beresford)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image