Oct 17 Biffa Plc said it had priced its
London initial public offering (IPO) at 180 pence per share,
giving the waste management firm a market capitalisation of 450
million pounds ($559 million).
Biffa's listing comes after a string of abandoned IPO plans,
with companies blaming volatile markets.
TI Fluid Systems (IPO-TIFU.L), British energy supplier First
Utility, gym operator Pure Gym and German real estate company
OfficeFirst have cancelled or postponed IPO plans in recent
Although stock markets are riding high - normally a good
sign for new issues - investors are wary of turbulence amid a
faltering global economy and following Britain's shock vote to
leave the European Union in June.
Biffa, which was forced into an emergency financial
restructuring after the 2008-9 financial crash, said it would
receive 262 million pounds in IPO proceeds by issuing about 118
million new shares, which represented 47.2 percent of its share
The company also said it would sell 27.8 million additional
shares to certain existing shareholders.
Biffa, the second largest waste management services provider
by revenue in the UK, said it would use the proceeds to repay
debt and also expenses related to a government claim.
The company said unconditional trading of its shares on the
London Stock Exchange would begin on Oct. 20.
Biffa was expected to be valued at more than 1 billion
pounds, sources had told Sky News in September.
Bookbuilding for Biffa's London IPO closed on Wednesday.
There has been no announcement so far on the level of interest,
which some bankers said suggested it might also be cancelled.
A source familiar with the matter, however, told Reuters on
Thursday that Biffa, its advisers and shareholders were still
determined to get the IPO done.
Biffa collects, processes and disposes waste and recyclables
for over 95 percent of UK postal codes, servicing 2.4 million
($1 = 0.8042 pounds)
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by