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Singapore's GIC to invest $200 million in ContourGlobal IPO - source

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11/08/2017 | 12:20pm CET
FILE PHOTO: The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore

Singapore sovereign wealth fund GIC will invest $200 million (£152.3 million) in the upcoming $2.2 billion initial public offering (IPO) of ContourGlobal , a source familiar with the matter said on Wednesday.

Conditional trading in the power generator firm is due to start on Thursday, with the company pushing ahead with its listing in London despite two large IPOs there being cancelled last week.

The price guidance for the listing is 250 pence per share a bookrunner said on Wednesday, the bottom of a previously announced range of between 250 and 275 pence. The implied market capitalisation of the company after the listing is 1.7 billion pounds.

"It's bottom of the range but it's good it's being done," the source said.

"It's a sign that the London IPO market is open for the right companies."

Broadcasting masts firm Arqiva <IPO-ARGL.L> would have been this year's biggest listing in London but was postponed last Friday, as was the listing of supermarket supplier Bakkavor. Business services firm TMF scrapped its float on Oct. 27 in favour of a 1.75 billion euro (£1.5 billion) sale to private equity house CVC Capital Partners.

JP Morgan (>> JP Morgan Chase & Company) and Goldman Sachs (>> Goldman Sachs Group) are leading the ContourGlobal deal.

(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)

Stocks treated in this article : Goldman Sachs Group, JP Morgan Chase & Company
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