Doughty Hanson stands to pick up the lion’s share of £182m after its portfolio company HellermanTyton listed on the London stock exchange.
Cable maker HellermannTyton priced its shares at 195p, near the bottom end of the range, valuing the business at about £420m and bringing in £182.1m for Doughty and other shareholders.
Doughty dropped its stake from 95.5 per cent to 46.1 per cent through the offering, and could see more stock sold if underwriters decide to take up an overallotment option of up to 10 per cent.
The firm paid £303m in 2005 for the business, which has operations in 32 countries and employs approximately 2,650 people.
It was the sixth investment from the firm’s €1.6bn Doughty Hanson & Co Fund IV.
The IPO comes after the firm twice failed to exit the company through a private sale, an earlier report from Sky News said.
The private equity firm currently holds a 42.2 per cent stake in Tumi after selling off more than ten million shares in a secondary sale in November, which would have netted it about $210m based on the stock price at the time.
Hitting the $250m figure for this sale would see Doughty Hanson part with a similar number of shares if it was the sole seller, leaving it with a stake of about 27.5 per cent.
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