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View the article online at http://citywire.co.uk/wealth-manager/article/a752550

Saga narrows IPO price at bottom end of range

by James Phillipps on May 21, 2014 at 14:13

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.’

2 comments so far. Why not have your say?

Once bitten twice shy

May 21, 2014 at 17:11

Its because they know even 185p is a rip off - stay away people, it's private equity, they ain't going to sell you something cheap like the UK government. How do you think they got so rich? By being generous - yeah right!!

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danny nolan

May 22, 2014 at 10:06

Bit of a hodge-podge of a company. If it didn't exist you wouldn't invent it. All a bit too tempting for the CEO to wander into any area he fancies so long as he can badge it up 'Saga'.

Cf Easy anything and Virgin whatevs.

Prefer a bit of focus myself and/or Warren Buffett.

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