Richard Branson bit the bullet this week and went ahead with the stock flotation of UK virtual network operator Virgin Mobile, launching the shares with an offer price of 200p each.
The final figure was something of a disappointment to the entrepreneur, who had initially aimed to price the shares at between 235p and 285p, but a lukewarm reception from the market forced the revision.
Earlier in the week, Branson was reported to be prepared to pull the entire flotation if the initial target price could not be met.
Twenty-five per cent of the company - or 62.5 million shares - were floated in the initial public offering, with gross proceeds of the offer estimated at £125m.
The shares reached a high of 207p in first day of trading before stabilising at 204p.
Analysts report that the flotation was necessary if Branson wants to continue with his plan of listing Virgin Mobile's US operation next year. It is thought that listing the UK unit will enable the markets to learn how the virtual operator network model works.
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