PRESS: Aggreko eyes US market return five years after UK exit - Sky

(Alliance News) - Aggreko Ltd could shortly file for a New York stock market debut valuing it at around USD20 billion, Sky News reported on Sunday, five years after leaving the London Stock Exchange.

In March 2021, the Glasgow-based temporary power generation supplier, which at the time was a FTSE 250 index constituent, was taken private in a GBP2.32 billion deal.

Aggreko was bought by a company formed by funds managed by Miami-based private equity firm I Squared Capital Advisors US LLC and investment funds managed by London-based private equity firm TDR Capital LLP.

Aggreko was founded in 1962 and became a listed standalone company in London in 1997 when it demerged from Christian Salvesen.

In recent years, revenue and profit have soared as Aggreko has benefited from burgeoning appetite for power from the fast-growing data centre industry, as well as rising demand for electrification across numerous industrial sectors.

Sky said that Aggreko intends to file a registration statement for an initial public offering with US regulators in the coming days.

The filing does not bind Aggreko to a specific timetable to go public, but will enable it to choose the optimal moment for a flotation in the next 12 months, the report said.

Banking sources told Sky that if it proceeded, Aggreko was likely to seek to raise a substantial sum from the sale of new shares in the company.

The existing investors plan to retain the vast majority of their holdings until after the IPO, Sky sources said.

Aggreko's IPO is being led by bankers at Goldman Sachs Group Inc, JPMorgan Chase & Co and Bank of America Corp, the Sky report said.

By Jeremy Cutler, Alliance News reporter

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