Freeserve subscribers will have found out today how much their share application has been scaled back in the £1.5 billion float, given that it was oversubscribed by more than 30 times over.
Freeserve confirmed that 153,043,478 shares were sold in the offer, excluding any over-allotments. Over 50,000 applications were received from UK private investors.
Unconditional dealing in the shares on the London Stock Exchange is expected to commence at 9am on Monday 2 August.
The issue price has been set at 150p. Applicants at the bottom of the scale with £250 to invest got 166 shares, for £750 applicants got 500 shares. Non Freeserve subscribers who applied for shares in the retail offering did not get a share allocation.
Although rated at a high of 150p, the shares are expected to leap to a premium of 30 per cent. Last week the grey market was quoting the shares at a top of 216p.
The scramble for shares in Freeserve has confounded investment analysts, who are surprised that the stock has been rated so highly.
"Initially Freeserve was touting £2 plus a share so the 150p means people think they have got a bargain - it is psychologically tried and tested ploy that works," commented a broker for a major investment house who requested not to be named.
The offering values Freeserve at £1.5 billion, but it has yet to turn in a profit. After the flotation Freeserve will be Europe's largest quoted Internet company.
Investors will be watching the Freeserve float carefully as it is one of the biggest offerings of an Internet company in Europe.
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