18th Nov 2021 14:01
(Alliance News) - Imagination Technologies is appointing investment banks to advise on an initial public offering of shares in either London or New York to allow its Chinese-backed owners to exit, the Financial Times reported on Wednesday.
Barclays PLC and Citigroup Inc have been chosen by Imagination Technology as global coordinators for the listing, the newspaper said, citing "people familiar with its plans".
The tech-heavy Nasdaq market would be a natural place for the semiconductor designer to list despite calling the UK home, "people close to the process" said, according to the FT. It added that a listing in Hong Kong or on a Chinese exchange has been ruled out, according to a person with "direct knowledge of the plans".
https://www.ft.com/content/e0c48d30-866d-4efd-9d78-21e49d366cd8
The Hertfordshire-based semiconductor designer was de-listed from London back in 2017, after being bought by a vehicle of Beijing-based private equity firm Canyon Bridge in a deal worth GBP550 million. Imagination Tech's share price had suffered from the cancellation of a key licensing deal with Apple Inc.
By Tom Waite; [email protected]
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