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US energy company ContourGlobal set to float on London Stock Exchange

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ContourGlobal, a US energy group, plans to raise $400m (£304m) with a listing on the the main market of the London Stock Exchange.

The company, which operates renewable and thermal energy generators, expects to have a free float of at least 25pc of its issued shares, and is set to list in early November. It would value the company at an estimated $2.5bn.

After a slump in the number of initial public offerings (IPOs) in London, which reached their lowest level since 2012 in March, ContourGlobal is the fourth company to announce it will float this week

Bakkavor, a supplier to Tesco and M&S, TI Fluid Systems, which manufactures car parts, and Glenveagh Properties, an Irish housebuilder, all announced their intentions to IPO on London’s stock exchange in the last week.

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