Strong debut for Hogg Robinson |
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Published
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Mon, 09 Oct 2006 09:44
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LONDON - Hogg Robinson, the UK-based business travel company, had a very good first morning in trading with its share prices rising from 6p to 96p soon after trading started at 8 am.
The company added that it has been able to raise around 220 million pounds in an initial public offering (IPO). This is far less than the 460 million pounds that the company was expecting. Last week Hogg Robinson had to pull the plug for its proposed floating at 140p to 220p that would have valued the company at 380 million pounds. At present the provision value of the company is at 275 million pounds.
The company announced that it was able to sell around 200 million new shares at a value of 180 million pounds apart from 44.4 million existing shares. The earlier attempt by Hogg Robinson to go public was postponed as investors showed no interest in buying the shares valued at a price range of 140p to 220p. If that offer had been on the table, the company would have been valued at £380 million.
But Hogg Robinson had pulled the plug on the IPO, only to revive it within a week at a new price range of 90p to 120p. David Radcliffe, the chief executive, expressed his delight at investors receiving the company so well on its "return" to the market.
"We believe the listing will raise our profile as a global support services company which operates in the corporate travel and related services market. The listing will also enhance our strategic flexibility as we move into the next phase of the company's development," he added.
Lazard & Co. Ltd and Merrill Lynch were joint sponsors of the offering, while Citigroup, Credit Suisse and Lehman Brother were joint bookrunners.
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