Business Services Industry
U.K. tycoon's Virgin Mobile float set to hit low note.
Knight Ridder/Tribune Business News, July, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jul. 21--Shares in Virgin Mobile are expected to begin conditional trading at 200 pence this morning -- the bottom end of its reduced 200 pence-220 pence price range. Sir Richard Branson's phone company will be valued at UKpound 500 million, half of the UKpound 1 billion price tag he had earlier hoped for.
After a scramble by VM's advisers, they filled their order book twice following a round of eleventh-hour one-on-one meetings with City institutions. "I think they will probably go for that number," one source said.
Investors agreed to subscribe for shares after Branson cut the initial price range by one-fifth from the initial 235 pence-285 pence.
This means Virgin Mobile...
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