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| Legoland owner Merlin sees shares jump on market debut | Legoland owner Merlin sees shares jump on market debut |
| (about 9 hours later) | |
| Shares in Merlin Entertainments, the owner of Legoland and Madame Tussauds, have made a strong start on their debut on the London stock market. | Shares in Merlin Entertainments, the owner of Legoland and Madame Tussauds, have made a strong start on their debut on the London stock market. |
| After being priced at 315p, the shares jumped to 355p in early conditional trading before closing up 7% to 347p. | |
| The flotation price of 315p a share valued Merlin, which also operates the London Eye and Alton Towers, at £3.2bn. | The flotation price of 315p a share valued Merlin, which also operates the London Eye and Alton Towers, at £3.2bn. |
| Merlin chief Nick Varney said he was "delighted" with the strong demand from both institutions and retail investors. | Merlin chief Nick Varney said he was "delighted" with the strong demand from both institutions and retail investors. |
| Merlin sold a 30% stake in the business, raising a gross total of 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. | Shareholders will also receive perks, being entitled to discounts on some Merlin annual passes. |