Tim Beecroft

Tim Beecroft

Digital Marketing, SyndicateRoom 21 October 2017 2 min read

London’s Main Market has bounced back strongly from a difficult second half of 2016 and early-2017 to scoop several national and international IPOs. Currently the most active stock exchange in the world for new floats, the environment is currently very good for companies looking to IPO in London, and the latest multinational company that has confirmed it will float in the UK, is ContourGlobal which is set to list in November this year.

The US energy group has confirmed several details of the float, through which it hopes to raise $400m. The firm is looking to have a free float of 25 per cent of issued shares and has already identified a number of growth opportunities which the money raised from the IPO will fund. The float is likely to value the company at $2.5 billion. Last year, its ebitda (earnings before interest, tax depreciation and amortisation) was $440.4m on revenues of $905.2m. The company is 12 years old and has 69 renewable and thermal energy generators in 19 markets across Europe, Latin America and Africa.

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While 25 per cent of the shares will be floated on the open market, it has been claimed that the Santo Domingo family of Colombia will increase their stake in ContourGlobal. The family is one of the richest in Latin America and it has been reported that Alejandro – who reportedly boasts a $5 billion personal fortune – will join the board after the IPO.

Chief Executive Joseph Brandt said of the float:

A listing on the London market will support the company in the next phase of growth.

Brandt has also been quoted in saying that:

The capital raised at IPO will enable us to strengthen our balance sheet while providing further flexibility to fund already identified growth opportunities.

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