Seven up for a share quote

COMPANIES are once again rushing to float on the stock market. A pharmaceutical firm, a biotech, a retailer and an oil company are among seven firms poised to become publicly listed, raising more than £250m of new money.

The rush is partly a bid to beat the mid-July deadline, when the City sets off on its summer holidays. But each business has its own motives for floating.

Retailer Blueheath is looking to raise £15m, giving it a £50m valuation when it floats on the junior Alternative Investment Market next month. Chief executive Douglas Gurr said: 'It's about beefing up the balance sheet a bit.'

Vectura's Chris Blackwell wants to raise up to £25m ahead of an Aim flotation to develop the company's leading products - inhaled drugs for lung disease and impotence.

Biotech firm Evolutec wants to raise £7.5m to accelerate the development of its products.

But it is not just minnows that are attracted to Aim. Nelson Resources hopes to raise £100m to develop its Kazakhstan oil production and development business, giving it a market value of around £500m and making it one of Aim's largest companies.

Nelson's Nick Zana said: 'It is a good place because there is an understanding of emerging markets as well as oil and gas.'

So far this year there have been 89 floats on Aim, raising more than £2bn.

Also coming to Aim are energy firm Biofuels, looking to raise £15m and Hotel Corporation, which invests in hotel businesses and is looking to raise £40m.

Investment firm Eurocastle is looking to raise £50m for a main market float.