Luceco priced for London listing

By Robert Venes

Oct (HKSE: 3366-OL.HK - news) 21 (IFR) - LED lighting products business Luceco debuted on the London Stock Exchange (Other OTC: LDNXF - news) last Thursday, with its shares up almost 17% above pricing.

The shares opened at 152p. That compares with the 130p price set for the £93.1m IPO last Monday.

The stock climbed quickly to 153p, where it closed the day, up 17.7%. In total, just over 400,000 units changed hands, representing less than one per cent of the IPO offering.

On Friday, the stock opened at 150p and was trading around 145p in the early afternoon.

Pricing gives Luceco a market capitalisation of £209m. The company will use its £26m primary proceeds for repayment of shareholder loans and the balance for working capital.

EPIC Private Equity, which acquired Luceco in June 2005, picked up £67.1m. That represents a money multiple of 12.3 and an IRR of 57.9%.

EPIC (Other OTC: EPOR - news) retains a 24.3% position, with CEO John Hornby holding 20.8%, chairman Giles Brand 5.5% and other management 4.9%.

The free-float is 44.5%.

Numis was sole bookrunner with Rothschild advising. (This story will appear in the October 22 issue of IFR magazine; Reporting by Robert Venes)