The Yell flotation has started people talking. The telephone directory company has just listed on the London Stock Exchange (LSE) for £2bn, the biggest flotation on the LSE for two years and the first major private equity-backed flotation since bookmaker William Hill listed for £1.1bn more than a year ago.
The listing was oversubscribed and was immediately expanded by 30%. If Weil Gotshal & Manges’ Mike Francies, Yell’s adviser, negotiated a success fee on the deal then he has certainly brought home the bacon.
