27th Feb 2015 11:02
LONDON (Alliance News) - Sequoia Economic Infrastructure Income Fund Ltd said Friday it has raised GBP150 million in its initial public offering in London, while Revolution Bars Group PLC announced the price range for its IPO.
Sequoia placed 13.3 million shares at a price of 100 pence per share. It will have 150 million shares in issue at admission.
It expects to be admitted to the Main Market of the London Stock Exchange next Tuesday, and will trade under the ticker SEQI. Oriel Securities Ltd is acting as its sponsor and sole bookrunner.
Revolution Bars, which operates bars under the 'Revolution' and 'Revolucíon de Cuba' brands said the expected price range for its offer has been set at between 200 pence to 240 pence. At the mid-point in this price range, its market capitalisation at admission would be around GBP110 million.
The offer is expected to consist of between 39.2 million and 48.1 million shares, representing a free float of between 76.4% and 96.2% of its shares on admission, also to the London Main Market.
The mid-point of the price range and offer size range equates to an offer size of GBP95.0 million, it said. It expects to announce the final pricing on or around March 13.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Sequoia Economic Infrastructure Fund