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Saga narrows IPO price at bottom end of range
by James Phillipps on May 21, 2014 at 14:13
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.
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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