Guitar legend Fender tunes up for £126m float

The maker of the legendary Fender guitar, plucked (and in some cases destroyed) by the likes of Jimi Hendrix and Eric Clapton, has filed formal plans to raise up to $200m (£126m) by floating in New York.

The company, best-known for its Stratocaster, was set up by Leo Fender just after the Second World War and was the first to mass-produce a Spanish-style electric guitar with a solid, rather than a hollow, body to help reduce distortion and feedback. Fender will use the proceeds to pay off about $100m of its debts and expand internationally.