Private equity-backed pipe manufacturer Polypipe will float a 50 per cent stake on the London Stock Exchange.
The company, which is owned by Cavendish Square Partners, expects to be valued at £400m in the IPO and will receive proceeds of £200m from the stake sale.
Polypipe posted an EBITDA of £54m on revenues of just over £300m last year.
The company was bought by its management and private equity firm Castle Harlan in 2005.
Two years later, Castle Harlan sold its investment in the company to the Bank of Scotland for a return of 4.5 times.
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