Legoland owner leaps 9% on stock market debut
Saturday 09 November 2013
Merlin Entertainments, the group behind London Eye and Madame Tussauds, raised £957m yesterday as it listed on the London Stock Exchange, with its shares leaping 9 per cent on its debut.
The Legoland and Warwick Castle operator’s shares rushed up 32p to 347p as it sold a 30 per cent stake priced at 315p, offering retail investors discounts on tickets to its attractions.
The chief executive Nick Varney, who sold shares worth £10m in the float, said: “We are delighted with the strong response from both institutions and retail shareholders to our offer.
“We have long stated our belief that becoming a public company was Merlin’s ultimate destiny, providing the right long-term ownership to enable the next stage of development.”
Its private-equity backers Blackstone and CVC hold 22.6 and 13.1 per cent stakes in the company while the Legoland family trusts own 29.9 per cent. The share offer was nine times oversubscribed.
Institutions have been allotted 87.5 per cent of the shares sale while retail investors, who had to buy a minimum of £1000 worth of shares to get discounts on entry tickets, ended up with 12.5 per cent of the 304 million shares on offer. After paying off the investors selling their stakes, the float raised £165m for reducing debt.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Young Preston fan has play-off hero Jermaine Beckford's shirt stolen from him at Wembley - which then appears for sale on Gumtree
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
A nation of inequality: How the UK is failing to feed its most vulnerable people
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...