London listings in best start to year since 2007
LONDON’S red hot stock market is set to deliver the best first quarter for floats since the financial crisis, as a host of companies rushed to join the flotation queue yesterday.
The capital’s stock market has raised $5.92bn (£3.5bn) since the start of the year, the best first quarter for initial public offerings since the first three months of 2007, when $11.36bn was raised, according to figures from Thomson Reuters.
Gulf Marine Services is set to announce plans today for a $350m float after it priced shares between $1.35 and $1.70, which will take the total above $6bn.
Two more firms, pipe maker Polypipe and property firm Miller Group, also emerged yesterday as companies hoping to tap London’s buoyant markets.
Polypipe, which is owned by private equity firm Caird Capital, is thought to be working with Deutsche Bank, Numis Securities and Canaccord Genuity on a £400m listing, which could be unveiled next week.
Miller Group chief executive Keith Miller also said his firm was looking at a listing.
Meanwhile online fashion retailer Boohoo is set to start trading on the junior stock market today after raising £300m from investors last week. Shares were priced at 50p.