Used car supermarket driving towards IPO worth up to £240m
Used car supermarket Motorpoint is driving towards a stock market flotation which could be worth up to £240m.
The initial public offering (IPO), which Numis and Rothschild are advising on, could be this week.
Some 100m shares are expected to be on offer, with the price range set at 190p-240p, meaning a valuation of between £190m and £240m.
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The Evening Standard first reported that the listing could be made as soon as Friday.
It is not currently clear how much of the business will be offloaded in the float.
Derby-based Motorpoint was founded in 1998 and now operates in ten locations across the UK.
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The UK’s IPO market has suffered a slow start to the year so far, with the looming EU referendum blamed.
The total raised through IPOs slumped to £1.6bn in the first quarter of 2016, down from £4bn in the last quarter of 2015, according to EY data.
The accountancy firm put the drop down to market volatility and the looming EU referendum. Another report, IPO Watch from PwC, said a "pause button" had been pushed on the IPO market, both globally and in the UK, with the referendum approaching.