Qinetiq IPO at 200p per share; raises £617.5mn

02/10/06 - newratings.com

LONDON, February 10 (newratings.com) – Britain’s leading defense-research organization, Qinetiq Group Plc (QY6), said its IPO (initial public offering) was priced at 200p per share, and that it had raised £617.5 million.

The IPO price, which valued the London-based company at £1.3 billion, was at the higher end of the indicative range of 165p-205p per share. Since 2002, Qinetiq Group had been co-owned by Carlyle Group, when the US-based buyout firm acquired a one-third share in the British company from the UK government. The UK Ministry of Defense would raise £297 million from the IPO, while Washington-based Carlyle Group would receive £161 million, according to Reuters. The Ministry of Defense would own a 24% stake in Qinetiq Group, while Carlyle Group would own 13% of the company, following the offer.