The flotation of UK telephone directories group Yell [formerly Yellow Pages] got off to a strong start last week, leaving the firm on course for the FTSE 100.
Shares in Yell – Britain’s leading supplier of classified directory advertising – went on offer to institutional shareholders on Thursday. Full trading is slated to start Wednesday.
On the first day, the stock price rose from the opening £2.85 ($4.66; €4.12) to £2.895, having peaked at £3.06. This gives Yell a market valuation of roughly £2 billion, enough for a listing in the FTSE 100 index of leading shares.
The group will use proceeds from the flotation – the largest on the London stock exchange for two years – to pay off debt.
Data sourced from: Telegraph.co.uk; additional content by WARC staff