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UK whiteboard manufacturer Promethean plans IPO

posted Dec 14, 2009, 9:45 PM by Yale ReiSoleil   [ updated Dec 14, 2009, 9:46 PM ]
LONDON (Reuters) - Promethean, a UK manufacturer of interactive whiteboards, is planning an initial public offering that would value the company at 400 million to 500 million pounds ($655.2 million - $819 million), the Financial Times reported on Sunday.

The company, based in Blackburn, England, is a world leader in interactive whiteboards which feature in around three-quarters of classrooms in British schools, the paper said.

A 400 million-pound IPO would value Promethean at 18 times last year's earnings before interest, tax, depreciation and amortization of 22 million pounds. The valuation is driven by huge growth potential in America, where only a quarter of classrooms are equipped with interactive technology.