Renewables asset manager Foresight has confirmed its intention to proceed with an initial public offering (IPO) and has released certain details of the offer.
The company intends to apply for admission of its shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities.
Admission is expected to occur in February 2021.
The directors and proposed directors said they believe that the offer and admission will further enhance Foresight’s profile and provide an additional source of capital for, and the ability to use its shares as consideration for further acquisitions.
The admission and offer will also enable the existing shareholders to realise part of the value of their investment in the company and enable all employees to own shares in the company.
The offer will primarily comprise a sale of shares by existing shareholders (80% of the offer) with a smaller offering of new shares (20% of the offer) to be issued by the company.
Immediately following admission, Foresight said it expects that 50% of the company’s issued share capital to be in public hands and that the company will be eligible for inclusion in the FTSE UK Index Series.
Foresight also said it expects that it would qualify for the LSE’s Green Economy Mark on its admission to the Main Market.
The Green Economy Mark recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.
The underlying methodology incorporates the Green Revenues data model developed by FTSE Russell.
The company has engaged Jefferies International as joint global coordinator and joint bookrunner, and Numis Securities as joint global coordinator, joint bookrunner and sole sponsor.