Surf's up

10 February 2006 By Robert Cyran Follow @rob_cyran

The UK defence technology group was priced at the top of its range, essentially offering no IPO discount. A wave of buyouts, acquisitions and other payouts has left investors with lots of cash and looking for a place to put it.

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Qinetiq shares have been priced at 200p. The UK defence technology firm will have a market capitalisation of £1.3bn based on this price. This is near the top of the indicated price range. It is roughly 11 times next year's forecast ebitda according to a person familiar with the situation.

Including an overallotment, the company is selling 75m new shares and existing shareholders are selling 280m shares. Assuming the greenshoe option is fully exercised, The Carlyle Group will hold 10.5% of all shares and the UK government will hold 19%.

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