Burberry avoids equity market carnage to price £258m IPO at bottom of range

11 Jul 2002

UK luxury goods company Burberry yesterday (Thursday) bucked the trend of failed IPOs by successfully pricing its £258m offer at the bottom of the 230p-290p range.

The deal, which was led by Merrill Lynch and Morgan Stanley, will start conditional trading today (Friday), amid fears that with an oversubscription rate of just over 2.5 times the share price will fall immediately. But yesterday afternoon bankers working on the deal expressed relief that the deal ...

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