Analysis: 2010 will be the year of the float

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If this was the year of the rescue rights issue, the bond issue refinancing, and the debt-for-equity restructuring, next year's City bonuses look set to be calculated on the quantity of initial public offerings.

The float is back as private equity re-opens the sausage factory of buying companies and then selling them three to five years later. It is reckoned there are at least a dozen major flotations in the pipelines.

Among the monsters could be Merlin Entertainments, the group which is co-owned by the sheikhs from Dubai and US private equity firm Blackstone and comprises such tourist attractions as the London Eye, Madame Tussauds, Alton Towers and Legoland.

Another will be Acromas, the combined AA motoring business and Saga being groomed for flotation by the British private equity firm Permira which is also looking to offload the Birds Eye fishfinger maker.

Bridgepoint, the private equity owner of Pets at Home has declared its intention float and it is an open secret that betting exchange Betfair may finally take a punt on the stockmarket.

Other businesses up for sale and which may end up floating include Virgin Active, New Look and Matalan, while the flotation of the international airline booking group Amadeus could be in London.

One float due before Christmas is, however, the best indication of where private equity is at present.

Buy-out legend Jon Moulton is to list his new venture Better Capital within weeks to raise more than £100 million. Moulton, who shocked the industry when he stood down as managing partner of Alchemy in September, is floating Better Capital "to take full advantage of the turnaround opportunities coming out of the economic situation we are in."