Standard Life cuts flotation price range

0 Comments | AFP, June, 2006

LONDON (AFP) — British insurance and investment business Standard Life said it had cut the price range of its London stock market float next month owing to recent heavy falls on global equity markets.

"We have published an updated price range which reflects present market conditions," said Brian Stewart, chairman of Standard Life, in an official statement.

The new price range for the group's initial public offering (IPO) -- due in July -- was slashed to between 210 and 270 pence, compared with the 240-290 pence range given in April.

That would give the 80-year-old company a stock market capitalization of between 4.35 and 5.25 billion pounds (6.4-7.7 billion euros, 8.05-9.72 billion dollars), compared with 4.8-5.5 billion pounds previously.

Despite...