Terra Firma’s Infinis seeks value of up to $1.5 bln in London float – Reuters

Reuters – Private equity-backed renewable energy generator Infinis Energy said on Monday it expected to be valued at as much as 930 million pounds ($1.48 billion) when it makes its London stock market debut this month.

The company, which operates 147 power generating plants across the UK, said the offering would be made up solely of existing shares being sold by majority owner Terra Firma.

The listing, also aimed at retail investors, will see between 30 percent and 40 percent of the company sold, with shares being offered at between 260 pence and 310p each, Infinis said.

That would give it a market capitalisation of between 780 million pounds and 930 million pounds.

Order books on the sale to institutional investors such as pension funds are due to close on Nov. 14, with Infinis making its stock market debut on Nov. 15. Individual retail investors, who must apply for a minimum of 1,000 pounds worth of shares, will have until Nov. 13 to put in orders.

Infinis said based on the offer price range and plans to pay a full-year dividend of 55 million pounds, the company would have an implied dividend yield for the first full financial year after its stock market debut of between 5.9 percent and 7.1 percent.

The offering is being run by Barclays, Deutsche Bank and RBC Capital Markets.