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Legoland owner Merlin Entertainments names float price Legoland owner Merlin sees shares jump on market debut
(about 2 hours later)
Merlin Entertainments, the owner of Madame Tussauds and Legoland, has priced its shares at 315p each, valuing the company at £3.2bn. Shares in Merlin Entertainments, the owner of Legoland and Madame Tussauds, have made a strong start on their debut on the London stock market.
Last month, the company set a range of 280-330p for the share flotation. After being priced at 315p, the shares jumped to 355p in early conditional trading before falling back to 348p.
"We are delighted with the strong response from both institutions and retail shareholders to our offer," said chief executive Nick Varney. The flotation price of 315p a share valued Merlin, which also operates the London Eye and Alton Towers, at £3.2bn.
The UK company also operates the London Eye, Alton Towers and Chessington World of Adventures. Merlin chief Nick Varney said he was "delighted" with the strong demand from both institutions and retail investors.
Merlin is selling a 30% stake in the flotation, with the sale raising about £957m for the company and the selling shareholders. Merlin sold a 30% stake in the business, raising a gross total of about £957m for the company and the selling shareholders.
It said that 87.5% of the shares for sale had gone to institutional investors, such as pension funds, while 12.5% went to retail investors.It said that 87.5% of the shares for sale had gone to institutional investors, such as pension funds, while 12.5% went to retail investors.
Retail investors who applied for the minimum of £1,000 of shares have been allocated 317 shares, worth £998.55.Retail investors who applied for the minimum of £1,000 of shares have been allocated 317 shares, worth £998.55.
Those who applied for more than £1,000 worth of shares will receive 317 shares, plus 55% of the remaining amount they applied for.Those who applied for more than £1,000 worth of shares will receive 317 shares, plus 55% of the remaining amount they applied for.
Shareholders will also receive perks, being entitled to discounts on some Merlin annual passes.