Biffa Said to Find Buyers for London IPO After Cutting PriceBy and
Waste management company lowers price range to draw investors
Biffa said to go ahead after several European firms scrap IPOs
British waste management company Biffa Group Holdings U.K. Ltd. is going ahead with an initial public offering after reducing the price of the shares to attract investors, according to people familiar with the matter.
Biffa, whose owners include funds Angelo Gordon & Co., Avenue Capital Group LLC and Babson Capital Europe Ltd., has demand for all the shares on sale after cutting the size of the deal by about 50 million pounds ($61 million), the people said, asking not to be named as the details aren’t public.
It had sought to raise 270 million pounds, in a price range of 220 pence to 270 pence per share. The new price is 180 pence, according to people familiar with the situation.
Three European companies, including automotive business TI Fluid Systems Ltd., announced they wouldn’t proceed with IPOs this week as investors balked at putting money into the sales in a volatile market. London offerings have been particularly hit by the fall of the pound and concerns over an economic slowdown since the U.K.’s vote to leave the European Union.
A spokeswoman for Biffa declined to comment.