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By Kylie MacLellan
LONDON (Reuters) - HellermannTyton <HTY.L> priced its London listing towards the bottom end of the range on Tuesday, valuing the cabling equipment maker at 420 million pounds.
It joins a string of companies to go public in London this month as a pick-up in markets revives demand for initial public offerings (IPOs) after years of subdued activity.
Last week, British insurer esure <ESUR.L>, estate agent Countrywide <CWD.L> and wind farm investment fund Greencoat UK Wind raised more than 1 billion pounds combined from selling their shares in London.
HellermannTyton, which makes devices for fastening, fixing, identifying and protecting cables, said its sale of a 50.5 percent stake in the company was priced at 195 pence per share, compared to an original range of 190 pence to 235 pence.
The stock opened 0.5 percent higher at 196 pence on its market debut before trading flat at 195 pence by 08:05 a.m. British time.
It raised 211.9 million pounds, with 29.9 million from the sale of new shares going to fund the company's growth, including an additional 40 percent of manufacturing floor space.
Existing shareholders will bank 182.1 million pounds, most of which will go to private equity company Doughty Hanson.
Doughty Hanson, which bought HellermannTyton for 332 million pounds in 2006, reduced its stake to 46.1 percent from 95.5 percent through the offering.
The offer size could be increased by as much as 10 percent if an overallotment option, whereby more of Doughty Hanson's stock could be sold if demand is strong, is exercised.
After that, Doughty Hanson has agreed not to sell any further shares for at least six months.
Goldman Sachs and J.P. Morgan Cazenove were joint global coordinators and bookrunners on the sale, with Numis Securities acting as lead manager.
(Reporting by Kylie MacLellan; Editing by Tom Pfeiffer)