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Saga narrows IPO price at bottom end of range

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Saga narrows IPO price at bottom end of range

Despite announcing ‘exceptional demand’, Saga has narrowed its flotation price at the bottom end of its range.

The over-50s group had been hoping its shares would debut at 185p-245, but today confirmed that the actual band will be between 185-205p after its retail offer closed yesterday.

Saga's flotation is the latest in a string of IPOs which has seen the likes of Poundland, AO World and  Pets at Home come to market with differing results.

However, Andrew Goodsell, executive chairman of Saga, remains upbeat. Hesaid: ‘The retail offer has now closed, showing exceptional demand, and we continue to see strong momentum in the institutional offer.

‘Given our desire to allow customers to play a significant part in the future ownership of the business, we remain very focused on seeking to underpin a positive aftermarket performance in the stock, with the appropriate balance between high quality institutional investors and retail investors. We are therefore narrowing the range to 185-205p per share to support a strong debut.’

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