Private equity-backed renewable energy generator Infinis Energy priced its London stock market listing at the bottom of its offer range today, valuing the company at £780m sterling.
Strong equity markets this year have revived European initial public offerings (IPOs) after years of drought due to volatility caused by the financial crisis.
The amount raised by European companies as of November 14 is up 166% on the same time last year, according to Thomson Reuters data.
While activity is beginning to slow ahead of the Christmas break, with bankers saying anyone planning to float before then should kick off the month-long process in the next few days, next year is expected to continue being busy.
Infinis, which operates 147 power generating plants across the UK, said its shares had been sold at 260 pence each, the low end of its original 260 pence to 310 pence range.
Its shares opened flat on their debut in London this morning.
Majority owner Terra Firma raised gross proceeds of £234m from reducing its stake in the company to 69% in the offering, which did not include any new shares.
The amount it receives could increase to £269.1m if an over-allotment option, whereby the size of the sale can be increased by 15% if there is strong demand, is exercised.
The private equity group, best known for its purchase of music group EMI, which it later lost to Citigroup after defaulting on its loans, invested €122m in Infinis in 2003, according to its website.
Terra Firma, run by dealmaker Guy Hands, also floated German residential property company Deutsche Annington in July, succeeding on a second attempt after lowering its ambitions.
