US Firm Power Probe Said to Launch London IPO Soon in Rare Move

Power Probe Plc, which makes automotive electrical diagnostic tools, is planning to launch its London initial public offering as soon as Thursday, according to people familiar with the matter, marking a rare case of a US firm floating this side of the pond.

The Charlotte, North Carolina-based firm could seek a valuation of £60 million ($80 million) in an AIM listing, the people said, asking not to be identified discussing confidential information. The company is slated to start trading next week, the people said.

Power Probe is seeking to raise approximately £11 million by selling new shares in the IPO, ...