City fund manager Henderson has decided not to sell John Laing to the Australian bank Macquarie, but to float it in the narrow window ahead of the general election in May, the online newswire InfraNews reported.
John Laing this morning (19 January) confirmed its plans to launch an IPO of its business.
The announcement followed publication of details of the planned float in InfraNews last week.
John Laing said today that proceeds from the primary offering of approximately GBP 130m will be used to fund new investment commitments and for general corporate purposes.
In addition, Henderson Infrastructure Holdo – which owns shares John Laing – is expected to sell a portion of its shareholding in the offer.
John Laing plans to apply for admission of its shares to the premium listing segment of the Official List of the FCA and to start trading on the London Stock Exchange’s main market for listed securities. The offer will comprise an institutional offer and an intermediaries offer to facilitate participation by retail investors.
A prospectus is expected to be published at the end of January or shortly thereafter. The offer will complete in mid-February 2015.
Barclays and HSBC Bank have been appointed joint sponsors, global co-ordinators and bookrunners for the IPO process. RBC Capital Markets is lead manager. Greenhill is financial advisor to the seller, and Freshfields Bruckhaus Deringer is legal advisor. Clifford Chance is advising the banking syndicate.