The British furniture retailer DFS joined the stock market in yet another discount sale today, with shares landing softly at 255p.
Shares spiked at 270p in the first few minutes of trading before drifting downwards towards the bottom end of the 245p-to-310p range. At the current price the company is valued at £543 million.
The money raised will be split between lining the pockets of management – who will get £98 million from the float – and paying down the company’s debt.
An independent retail analyst, Nick Bubb, said that it was hard to see that as a success and that investors could be worried about consumer confidence should the May election end with no clear winner.
DFS was listed on the stock market between 1993 and 2004 before it went private. It goes public at a popular time. Last month SCS saw its share price rice 21.4 per cent after it joined the stock market. Online furniture retailer Made.com is also said to be considering a listing.