Flotation values Streamline at pounds 112m

Flotation values Streamline at pounds 112m

Streamline, a road services and building products group formed three years ago in a buy-out from Shell, will have a price tag of pounds 112m when it makes its debut on the stockmarket next week. The flotation price of 180p a share, announced yesterday, represents a multiple of 11.6 times its pro forma estimated 1995 earnings per share of 15.5p. The notional gross yield will be 5.3 per cent. Around 22.2 million shares are being placed to raise proceeds of pounds 20m, which will be used to cut borrowings.