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Greensphere Capital pushing on with London IPO plans

The firm aims to use the cash to invest mainly in the USA, Canada, Western Europe, UK and the Nordics

Greensphere is pressing ahead with its float plans

Sustainable infrastructure investor Greensphere Capital plans to float on the London Stock Exchange and raise up to US$500mln (£371mln) in the process.

It comes despite a number of IPOs (initial public offerings) being pulled in the City in recent months.

The firm aims to use the cash to invest mainly in the USA, Canada, Western Europe, UK and the Nordics, and in sectors that include water, energy transmission, waste, and agriculture.

It aims to mutualise all of its fee income to boost returns to shareholders.

Greensphere to debut on LSE on December 18

It is targeting a dividend of 3 US cents per share in its first financial year, 5 US cents in the second, then 6 US cents in its third financial year.

On its website, it says: "Greensphere targets a cash yield of 6 cents per share by the end of its third year of operations and a 10-12% total return per annum over the long-term."

The group is offering 500mln shares at 74p (US$1) each in the IPO, which it expects to close on December 15, with the first day of trading in London to be December 18.

As at the end of last week, M7 Multi-Let REIT, BGL Group, the Comparethemarket.com-owner, broadcasting masts firm Arqiva, debt collector Cabot Credit Management and business services firm TMF Group have all pulled their London float plans.

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