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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.

GENERAL MERCHANDISE

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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