Promethean to press ahead with ‘£400m’ IPO
LANCASHIRE-based education technology company Promethean World is to go ahead with plans for a £400m-plus stock market flotation.
The fast-growing Blackburn-based firm will list on the main market in the next month, despite turbulent conditions last week forcing retailer New Look and hotel booking business Travelport to axe their IPO plans.
Promethean, which makes electronic whiteboards for classrooms, did not say how much it plans to raise – but a market value of between £400m and £500m has been suggested.
The company is a world player in its sector. Revenue for the full year 2009 rose 36% to £205.1m, while EBITDA rose 33% to £33.9m.
It employs over 870 people in 15 locations including the US, France, Germany, Hong Kong, Bahrain, Australia and China
Chief executive Jean-Yves Charlier said: ‘Promethean is a global leader in interactive learning technology. We have earned this position through continuing innovation, the quality and reputation of our products and services and the effectiveness of our people.
“‘Our belief is that the growth of interactive learning technology is still in its early days. Our aim is to build upon our position in this market. Our commitment is to create superior value for customers, students and shareholders alike.”
The company said it will use the proceeds of the float to pay down debt.
Promethean was set up in 1996 by Tony Cann, who still owns half of the business.
