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Ingenious Media Holdings plans $262M IPO of clean energy-focused unit

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January 17
7:34 AM 2014

A £160 million or $262 million initial public offering is being planned by Ingenious Media Holdings Plc for its unit that looks for opportunities in clean energy, Bloomberg reported. Ingenious Media is the financial adviser that supported such movies as Avatar and X-Men: First Class.

In a statement, the financial adviser said that the unit, Ingenious Clean Energy Income Plc, will be traded in the London Stock Exchange. The company said it has the option to boost the size of its offering by up to £200 million. The transaction is set to be completed in March and is seeking to give a 6-pence dividend, the report said.

Bloomberg reported that the fund wants to attract investors who are looking for dividends that outperform government bond returns as the Bank of England continues to keep interest rates at record lows.

Bloomberg New Energy Finance Senior Analyst Angus McCrone said that last year, there were four closed-end quoted funds like that of Ingenious which was able to raise an estimated £900 million for renewable energy, the report said.

McCrone told Bloomberg in an interview, "Those IPO's last year appealed to wealth managers, well-to-do individuals and some pension insurance funds, attracted by yields of around 6 percent on relatively low-risk portfolios of operating-stage projects." In marketing the fund, the primary issue that Ingenious will face is about the stability of political support for renewable energy in the UK, the report said.

In a March IPO, Greencoat UK Wind Plc was able to gather £260 million. In July, Bluefield Solar Income Fund Ltd raised £130 million in its IPO, becoming the first solar fund listed in Britain. Another share sale held in July was that of The Renewables Infrastructure Group which gathered £300 million to look for investments in projects that focus on solar and onshore wind.  An October IPO for Foresight Solar Fund Ltd was able to raise £150 million, the report said.

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