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AZ Electronic to all but double IPO stock on offer
AZ Electronic Materials is set to hike the amount it will raise in its London listing.
The specialist technology company, led by boss Geoff Wild, which produces chemicals used in Apple’s iPad and iPhone, was planning to offer $400m (£254m) of new shares and $100m of existing stock.
However, this will now rise to $490 of new stock and $310m of existing stock, as private equity investors Carlyle Group and Vestar Capital Partners aim to cash in on the renewed appetite for initial public offerings.
The shares are expected to be priced in the mid-range at around 240p, valuing it at around $1.45bn – making it a contender for a FTSE 250 ranking. Carlyle and Vestar are both expected to retain a large holding in the firm.