UK: C&C float takes off
C&C Group PLC has launched its flotation today. The company is floating with an offer price of €2.26 per share which is at the bottom of the indicative range, subsequently pricing its initial market capitalisation at €725m.
The total size of the company's offer is €398m. Conditional dealing in the shares on the Irish and London Stock Exchanges was due to start this morning at 0800 GMT.
According to sources close to the deal, the offering was slightly oversubscribed, with the quality of investors being described as strong. Investors such as Fidelity, Gartmore and Threadneedle Asset Management are understood to have subscribed for shares in the company.
In a statement, C&C's chief executive, Maurice Pratt, said that he was delighted with the response from investors, after the week's volatile market conditions.
Unconditional dealing in C&C Group's shares will start on 29 May at 0700 GMT.
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