Intelligent Energy to raise around USD68 mil. through stock listing in UK

Shares to be offered next month at a price of 340 pence per share.

UK-based Intelligent Energy Holdings is expected to raise at least GBP40 million (USD66.9 million) through an initial public offering (IPO) to take place on the London Stock Exchange (LSE), reports the Wall Street Journal (WSJ). According to a statement emailed to the news service, the shares will be offered next month at a price of 340 pence per share. The report said that while GIC, Singapore's sovereign wealth fund, has already invested USD63 million in the company during March this year, it is planning to contribute an additional GBP16.6 million to the IPO. It added that Philip Mitchell, a non-executive director of the company, has decided to sell up to 20% of his existing shareholding for personal liquidity reasons, although all other directors will agree to a lockup arrangement.