Ashurst advises Apax on stake exit in much-touted tech float

Magic circle duo Freshfields Bruckhaus Deringer and Linklaters have won lead roles on Promethean World's £400m initial public offering (IPO).

Interactive learning technology company Promethean, which makes high-tech whiteboards, handheld learning systems and electronic equipment for the classroom, priced at £2 per share, giving it a market capitalisation of £400m.

The deal will see buyout house Apax Partners exit its 25% stake in the company.

Promethean turned to Freshfields for advice on the flotation, with the City law firm's team headed by corporate partners Neil Radford and Simon Witty, supported by corporate senior associates Ollie Lazenby and Doug Smith. Employment partner Jocelyn Mitchell and tax partner Jonathan Cooklin also worked on the deal.

Linklaters came in for Goldman Sachs and JP Morgan Cazenove as joint global co-ordinators, bookrunners and sponsors. Investec and Numis Securities acted as co-lead managers, with Lloyds TSB Corporate Markets serving as manager.

Linklaters corporate partner John Lane and capital markets partner Pam Shores led the team advising the banks, supported by managing associate Dan Schuster-Woldan.

Apax, meanwhile, turned to regular adviser Ashurst, where private equity partner Stephen Lloyd took the lead, assisted by senior associate David Ryan.

The listing will offer further encouragement to investors that the IPO market is primed for a comeback after faltering earlier this year when high-profile floats like Travelport and New Look were abandoned or postponed late in the process.

Radford told Legal Week: "IPOs are getting to market if they have a good story to tell and Promethean has that – it has no net debt with good growth prospects and, although there was private equity involvement, it was fairly passive. It was encouraging to get this away in markets that remain difficult."