(Refiled to fix technical error in original transmission)
By Dasha Afanasieva
LONDON Oct 4 Electra Private Equity
priced the initial public share offer for its Premier Asset
Management Group on Tuesday, giving the business a
market value of 140 million pounds ($179 million) and raising
hopes of a pick-up in new UK share listings after a relatively
It is the fifth IPO to be announced in London in the last
three weeks, including that of private equity-owned medical
products maker ConvaTec, which said on Monday it
planned to raise around $1.8 billion.
In June the surprise British vote to leave the EU compounded
the earlier uncertainty leading up to the vote, unsettling some
companies hoping to tap equity markets after the result.
But some bigger listings are now back in the pipeline, with
Telefonica's IPO for O2 UK expected in the coming
months and BGL Group, the parent company of price comparisons
website Comparethemarket, set for a London debut early next
Last month Electra Private Equity announced a 266 million
pound IPO of Britain's biggest ten-pin bowling operator, the
only listing on the main London exchange in Q3.
Prior to this, Pure Gym, said it would raise 190
million pounds in London.
But so far most of the London IPOs have been small. Six of
the seven UK listings in the third quarter of the year were on
the junior AIM market.
Accounting and consultancy services firm EY said larger
businesses decided to postpone their listings during this period
of heightened uncertainty over how and when the government would
proceed in negotiating Britain's divorce from the EU.
On Sunday Prime Minister Theresa May announced she would
trigger the start of formal negotiations by the end of March.
"Although many of the businesses that have put their listing
plans on hold are still set to revise their IPO timetables, the
recovery in market pricing has made the IPO option attractive
once again," EY's third-quarter report said, adding that a
number of large IPOs remain in the pipeline.
Some banks interpreted Prime Minister's comments made around
her announcement on Sunday as indicating that Britain could be
heading for a "hard Brexit" meaning Britain could abandon the
EU's customs union, give up on seeking preferential access to
the single market, in order to take back its controls over
immigration from the bloc.
($1 = 0.7841 pounds)
(Additional reporting by Noor Zainab Hussain; Editing by Greg