AO.com makes stock market debut
Online appliances retailer AO.com has made its debut on the London Stock Exchange at a value of £1.2 billion.
AO.com’s offer price was set at 285p per share with the value of shares sold by the selling shareholders expected to be £363 million.
The float is forecast to raise £60 million for the company which it will use to grow its product range and evaluate European expansion opportunities, initially in Germany.
Following admission, AO.com chief executive John Roberts will hold 28.6% of the ordinary shares while finance director Steve Caunce will hold 13.6%.
Commenting on the float Roberts said: "I am delighted that our initial public offering has been so well received by investors. They have understood our business model and our potential."
He added: “I have never been more excited about our business. We hope to continue to grow our market leading position in the UK and we have the opportunity to bring our business model and customer focus to the online European electricals market. Our obsession with customer service and the outstanding ability of our team leave us well positioned to deliver our vision for the future."
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