Energy firm powers up for £2bn listing

ENERGY giant ContourGlobal is pushing ahead with plans for a stock market listing valuing the company at almost £2 billion.

The plans have been given the green light despite market volatility that has spooked other firms which last week shelved similar fundraisings.

The US wholesale power generation business is understood to be on track to raise more than £500million through the initial public offering in a partial sale of shares.

The company – which operates 69 thermal and renewable power generators across Europe, Latin America and Africa – will price its shares at between 250p and 275p.

It is understood that the company will float up to 30 per cent of its shares and this is expected to give ContourGlobal a total value of £1.8 billion.

The ContourGlobal listing will be a welcome boost to the London market after two other high-profile floats were pulled last week.

Phone mast giant Arqiva, which was expected to be valued at up to £6billion, called off its float on Friday citing ‘market uncertainty’.

Bakkavor, a supplier of supermarket ready meals, said its listing would not go ahead due to ‘current volatility in the market’.

In addition to ContourGlobal, City sources spoken to by The Mail on Sunday expect debt collector Cabot Credit Management to push ahead with its plans for a float later this month.