The first UK initial public offering by a private equity firm this year has yielded a 2.5 times return for UK buyout firm Apax Partners, in an indication IPO exits may be back on the cards after a tough period.

Apax-backed interactive whiteboard company Promethean World priced this morning bang in the middle of its indicative range, at 200p per share. That valued the company at £400m (€440m).