October 12, 2017 / 7:03 AM / 8 days ago

Power generator ContourGlobal plans London IPO in November

LONDON (Reuters) - ContourGlobal, which operates renewable and thermal energy generators, said it is set to list on the London Stock Exchange in early November, aiming to raise around $400 million from issuing new shares.

The power firm is the fourth company to announce London listing plans this week, part of a sharp pick-up in IPO volumes running into the end of the year.

Since the start of October, more than half a dozen companies have said they intend to float on London’s main stock market, between them aiming to raise almost $4 billion.

Founded 12 years ago, ContourGlobal operates 69 power generation assets across Europe, Latin America and Africa. It posted $440.4 million in earnings before interest, tax, depreciation and amortization (EBITDA) in 2016, with revenue of $905.2 million.

The company said the listing may also include a partial sale of shares held by major shareholder Reservoir Capital Partners.

JPMorgan Cazanove and Goldman Sachs Group Inc are joint global co-ordinators on the deal while BNP Paribas, Citigroup Global Market Limited, Morgan Stanley & Co. International plc and RBC Capital Markets are acting as joint bookrunners.

Reporting by Clara Denina; Editing by Rachel Armstrong

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