Card Factory narrows price guidance for stock market float
Greeting cards retailer Card Factory is reported to have narrowed the price guidance on its London initial public offering to £2.25 to £2.40.
According to Reuters, sources familiar with the deal said the new guidance gives Card Factory an equity value of £767 to £804 million. The guidance is now at the lower end of the original price range.
Founded in 1997, Card Factory saw its revenue grow by 9% to £326.9 million in the year to 31 January 2014 with underlying EBITDA rising by 9.2% to £80.4 million. The retailer plans to increase its stores to around 1,200 in the UK and Ireland over the next 10 years and will also look to capture a greater share of the small but growing online market.
Books for the Charterhouse owned company are set to close today.
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