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Last Updated: Tuesday, 13 July, 2004, 11:16 GMT 12:16 UK
Drains firm aims for market float
Dyno CEO Kevin Mahoney with a Dyno-Rod Van (Vismedia)
Dyno's Kevin Mahoney hopes the float will pay for the firm's buyout
Dyno Group, owner of Dyno-Rod, hopes to flush out investors with a stock market capitalisation of up to 50m ($92.8m).

Dyno said it would be placing shares worth 45.7m on the junior Alternative Investment Market (AIM), and that it expected to make its debut in August.

It added that the move would go towards funding its 60.5m buy-out of the business from its founder Jim Zockoll.

The south London based company is made up of four emergency services, with the best known being the Dyno-Rod brand.

"This is a successful business with a brand that is one of the most recognisable in the UK," said group chief executive designate Kevin Mahoney.

Quick pay off

The listing is the latest accelerated initial public offering (IPO) in London.

Under such listings, a company buy-out is paid for by quickly selling most or all of the equity in the company to institutions involved in AIM before moving on to list on the main UK market.

Dyno Group expects a market value on admission to AIM of 50m.

The group has around 167 franchisees, employing several hundred people involved in its various services - Dyno Rod, Dyno-Locks and Dyno-Plumbing - which cover the UK and Ireland.

It has recently branched into pest control, initially in the London area, with Dyno-Kil, and into burglary repairs with Dyno-Secure.


SEE ALSO:
Virgin Mobile plans July float
30 Jun 04  |  Business
Umbro slashes its flotation price
28 May 04  |  Business
Google plans $2.7bn share auction
29 Apr 04  |  Business


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