RANGERS will list on the London Stock Exchange this week in a float expected to raise up to £27 million – over a third higher than the £20m mooted when the listing was unveiled in October.
The float, with shares starting trading on the junior Alternative Investment Market (Aim) on Wednesday, is set to value the Glasgow-based football club at about £50m.
Rangers, which hopes the float will help draw a line under its recent administration and demotion to division three, has already raised £17m from financial institutions including Legal & General and Hargreaves Hale.
Cenkos, the nominated adviser to Rangers in the Aim listing, has said that the equity value of the club could double within three years.
Charles Green, chief executive of the club, said in October that the money raised this week will help in buying players, developing club properties and land, and providing working capital.
Elsewhere in a very thin week for City announcements, Glasgow-based temporary power supplier Aggreko is today expected to confirm City expectations that it will have benefited from demand for temporary power in the United States following superstorm Sandy.
Seymour Pierce analyst Caroline de La Soujeole said events in the US could provide a 2 per cent boost to pre-tax forecasts for 2012.
She said: “As Sandy has been described as the largest hurricane in Atlantic storm history, we therefore feel justified to use as a base case scenario the events of 2008 – hurricanes Gustav and Ike – and Hurricane Katrina in 2005, which were the last two particularly eventful years for Aggreko.”
The City consensus for Aggreko’s 2012 profits, which will be announced in the first quarter of 2013, is £364.8m, up from £307.1m in the previous 12 months.