LONDON (Reuters) -Rubix, which sells industrial maintenance, repair and overhaul products across Europe, said on Thursday it was planning a stockmarket listing, trying to join the London market just as investor appetite for initial public offerings wanes.
Rubix Group, which is owned by private equity firm Advent, said it was planning to sell 850 million euros ($985.5 million) in new shares and potentially some existing stock. A listing would give it a free float of at least 25%, with potentially another 15% available in an over-allotment option.
Radiator maker Stelrad Group also confirmed its plans for a London market debut on Thursday, saying it had received "significant" interest from potential investors, and announced a book-building process with admission expected in early November.
The company said it would sell new shares to raise around 25 million pounds ($34.2 million) to repay debt as well as existing shares. It expects a free float of more than 25%.
The listing plans come as Europe's initial public offering (IPO) pipeline faces headwinds.
Dutch retailer Coolblue shelved its plans to list on Wednesday, following similar moves by British roofing specialist Marley, France's Icade Sante, a healthcare real estate company, and Chronext, a Swiss digital platform for buying and selling luxury watches.
Fear of inflation and rising interest rates and concerns about a property crisis in China have soured some investors' appetite for new stock listings in recent weeks.
For Rubix, Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and Barclays (LON:BARC) are joint global coordinators and BNP Paribas (PA:BNPP) and Jefferies International are joint bookrunners if the initial public offering proceeds. Rothschild & Co is financial adviser.
Stelrad has appointed Investec as sponsor, global co-ordinator and bookrunner and Clearwater International as financial adviser.
($1 = 0.8625 euros)
($1 = 0.7308 pounds)