SuperGroup and Promethean floats show new faith in London Stock Exchange

Confidence in the London Stock Exchange's fundraising ability looks to have returned, as fashion chain SuperGroup and electronic whiteboard-maker Promethean World today announced they had each made about £400 million from floats.

After fashion chain New Look and Legoland owner Merlin Entertainment pulled out of planned IPOs last month, SuperGroup founder Julian Dunkerton today predicted that a flurry of other firms would follow his lead.

"As a result of our success I'm sure other people will now do the same thing, and opt for a float rather than going to venture capitalists," he said.

The oversubscribed IPO will raise £125 million, with £120 million coming from institutions and £5 million from retail investors. It values SuperGroup at £395 million, just below the expected £400 million price tag.

Dunkerton will pocket about £50 million of the £105 million proceeds being shared by management. The retail offer will open to the public on Monday.

Promethean World raised £186 million from its float, which priced shares at 200p, giving the company a £400 million market capitalisation.

Chief executive Jean-Yves Charlier said: "We've created a strong register of institutional, UK-centric, long-term investors who were attracted by the business and the fact we came to market with no debt."