(Reuters) -British company Beauty Tech Group priced its IPO at 271 pence per share, implying a market capitalisation of 300 million pounds ($402.90 million) ahead of its London market debut on Friday.
London’s IPO market has had a slow start this year and seen a raft of companies seeking listings abroad despite regulatory reforms aimed to attract companies.
Beauty Tech Group, based in Cheshire, northern England, makes and sells at-home beauty devices using lights and lasers. It said the IPO comprises 10.7 million new shares to raise 29 million pounds, and 28.6 million shares to be sold by shareholders of the company.
That implied a total offer size of 106.5 million pounds, the company said, representing about 35.5% of its issued share capital.
Laurence Newman, founder and CEO of Beauty Tech Group, said opting to list during a quiet period for the market had helped boost the company’s profile and he hoped more firms would now follow in its wake.
“It’s given us great recognition, and this is an embryonic industry, so that’s helpful,” he told Reuters. “I’m hoping that there will be several that follow. My sense is [from] people I’ve spoken to and people who’ve contacted me there’s a lot of people wanting to do this, but they’re waiting for someone to go. And I’m hoping that today will be quite a pivotal moment in that respect.”
In other listings, food manufacturer Princes Group confirmed its plans for an IPO on the London Stock Exchange. Alternative lender Shawbrook is also expected to file for a long awaited float in the coming days, sources told Reuters previously.
($1 = 0.7446 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala and Susan Fenton)
