e2v, a developer and manufacturer of high tech electronic components and subsystems, which it supplies into niche markets within the medical and science, aerospace and defence and the commercial and industrial sectors, is to list on the London Stock Exchange. e2v was acquired by 3i in a management buyout in July 2002. 3i invested around $77.36m in the transaction.
3i’s representatives, Julian Davison and Ian Slaughter and Michael Hassall, will be retiring from the board of directors of the company.
The IPO will be effected by means of an offer of new and existing shares to institutional investors in the UK and certain other European countries. The offering will also enable 3i to sell a significant portion of its shareholding.
The company will re-register as a plc and change its name to e2v technologies plc prior to admission. The flotation is expected to complete by the end of July 2004.
ABN AMRO Bank and N M Rothschild & Sons have been appointed as bookrunner and underwriter and Hoare Govett Limited has been appointed as corporate broker to the company. N M Rothschild & Sons has been appointed a sponsor and financial adviser in relation to the flotation.