12 November 2013
London’s latest big flotation got off to a soggy start today as shares in Just Retirement, which provides pensions to people with health problems, fell below the offer price.
The shares had been sold at 225p and after touching 228.75p in early trading retreated to 224.5p. That values the company, sold off by private equity firm Permira which retains a 62.4% stake, at £1.12 billion. This is nothing like the reception for Royal Mail or Merlin Entertainments whose shares currently stand 66% and 11% above their repective offer prices.
But the AIM listing of cloud-based video services deliverer Rightster had a flying start, raising £20 million with shares racing up from the placing price of 60p to 75p.
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