Hogg Robinson sets price range for October flotation

Hogg Robinson, a UK business travel company majority owned by European buyout firm Permira, has set a price range for its planned October flotation, valuing the business at around £380m.

Hogg Robinson, a specialist corporate services company owned by European buyout firm Permira has set a price range of between 140 pence and 220 pence per share for its upcoming flotation on the London Stock Exchange.
 
The pricing gives Hogg Robinson a mid-point valuation of £380 million (€562 million) for the company, which provides outsourcing and consultancy services to UK and international clients.
 
Hogg Robinson plans to raise £190 million from the issuing of new shares when the company begins trading again on the London Stock Exchange, expected at the beginning of October. The global offer is expected to consist of sales of 105.6 million new ordinary shares and up to 71.8 million existing ordinary shares.
 
Lazards is advising on the flotation. Merrill Lynch and Lazards are acting as joint sponsors.
 
Permira is expected to sell some of its 90 percent stake in the flotation. According to a recent Financial Times report, the European buyout firm may sell up to 50 percent of its holding. Permira was not immediately available to comment.
 
Permira took Hogg Robinson private in May 2000 in a €640 million transaction.