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Airline Wizz Air leads charge of pre-election IPOs | |
(about 7 hours later) | |
Flotation fever gripped the City yesterday as the budget airline Wizz Air dusted off its plans to lead a host of companies looking to join the London Stock Exchange. | Flotation fever gripped the City yesterday as the budget airline Wizz Air dusted off its plans to lead a host of companies looking to join the London Stock Exchange. |
Experts predicted a flurry of pre-election initial public offerings, with the low-cost carrier being joined by the PVC windows maker Eurocell and contractor Lakehouse in revealing plans to go public. | Experts predicted a flurry of pre-election initial public offerings, with the low-cost carrier being joined by the PVC windows maker Eurocell and contractor Lakehouse in revealing plans to go public. |
Those choosing to do so may be able to take advantage of rising stock markets, with the FTSE 100 close to its 1999 all-time high. | Those choosing to do so may be able to take advantage of rising stock markets, with the FTSE 100 close to its 1999 all-time high. |
The blue-chip index reached a five-month high this week on rising oil prices and hopes that Greece will not leave the eurozone, although it fell 11.78 points to 6,860.02 yesterday. | The blue-chip index reached a five-month high this week on rising oil prices and hopes that Greece will not leave the eurozone, although it fell 11.78 points to 6,860.02 yesterday. |
Richard Buxton, the head of UK Equities at Old Mutual Global Investors, said: “Any corporate financier is going to try to go sooner rather than later as the market is holding up and uncertainty can only increase the closer we get to [the 7 May election]. If you haven’t gone in February or March before early Easter, it is unlikely you’re going between Easter and the election.” | Richard Buxton, the head of UK Equities at Old Mutual Global Investors, said: “Any corporate financier is going to try to go sooner rather than later as the market is holding up and uncertainty can only increase the closer we get to [the 7 May election]. If you haven’t gone in February or March before early Easter, it is unlikely you’re going between Easter and the election.” |
When it pulled its flotation last year Wizz Air blamed “market volatility in the airline sector”, but yesterday it said it planned to raise €150m (£113m) from new investors before the end of March. The Hungarian company flies to 106 destinations on 350 routes. | When it pulled its flotation last year Wizz Air blamed “market volatility in the airline sector”, but yesterday it said it planned to raise €150m (£113m) from new investors before the end of March. The Hungarian company flies to 106 destinations on 350 routes. |
Its chief executive, Jozsef Varadi, said the company provides “an attractive opportunity to invest in the expected growth in the central and eastern European air-travel markets”, adding that “deregulation, above-average GDP growth, a growing middle class and supportive migration trends” are likely to drive more air travel. | Its chief executive, Jozsef Varadi, said the company provides “an attractive opportunity to invest in the expected growth in the central and eastern European air-travel markets”, adding that “deregulation, above-average GDP growth, a growing middle class and supportive migration trends” are likely to drive more air travel. |
Lakehouse and the private equity-backed Eurocell said they also planed to list in London, with the latter appointing Bob Lawson as its new chairman. Mr Lawson, who also chairs Barratt Developments and Genus, said: “I have been very impressed by the quality of Eurocell’s business and management team.” | Lakehouse and the private equity-backed Eurocell said they also planed to list in London, with the latter appointing Bob Lawson as its new chairman. Mr Lawson, who also chairs Barratt Developments and Genus, said: “I have been very impressed by the quality of Eurocell’s business and management team.” |
Elsewhere, shares in the tool-hire group HSS fell as low as 198p on debut before recovering to 210p. Its flotation was priced at the bottom of its 210p-262p range, valuing the business at £325m. | Elsewhere, shares in the tool-hire group HSS fell as low as 198p on debut before recovering to 210p. Its flotation was priced at the bottom of its 210p-262p range, valuing the business at £325m. |
Chris White, the head of UK equities at Premier Asset Management, said: “The IPO market feels tired, but while markets remain buoyant companies that want to float will try to take advantage of investor confidence.” | Chris White, the head of UK equities at Premier Asset Management, said: “The IPO market feels tired, but while markets remain buoyant companies that want to float will try to take advantage of investor confidence.” |
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