The latest UK online company to go public posted a small gain today as it began trading on the grey market.
Woking based Internet financial services company, Exchange Holdings, started trading this morning on a conditional basis.
The offer, which was 17 times over subscribed, had an initial share price of £2 which rose this morning to settle at £2.12, as institutional investors commenced trading.
The company announced last month that it intended to offer 81.7 million shares, about 40 per cent of the company, in order to raise £77.6 million. This would have valued the company overall at £384 million.
“This is pretty good pricing considering that Internet stocks are going through a very jittery time at the moment,” said a company spokeswoman.
The company will trade on an unconditional basis - once the share certificates are issued - on the London Stock Exchange from 9am on Friday, 13 August.
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