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Exchange weathers Net IPO storm

Modest profit-taking on UK's second big Net stock

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Optimism surrounding Friday's flotation of the UK's second largest Net company was eclipsed after early hopes of Freeserve-style profiteering failed to materialise. Shares in Exchange Holdings, which operates a personal finance Web site, opened at 200p before rising quickly to 238p -- an increase of 19 per cent. But after early profit taking shares dropped back to close at 209p. This morning, they've fallen back still further currently resting at 202p. More than 90 per cent of shares in circulation changed hands on the first day. It seems the early gains were made by institutional investors keen to make a quick buck before bailing out in relative comfort. David Chislett, Exchange's FD, told the Financial Times: "Clearly [the share price] could have been priced at the higher level [of 207p] but with the jitters in the US market we all considered it was sensible not to squeeze the last penny out of the price." Exchange raised £77.6m in its IPO. Another £24.4m could be come available by selling off a tranche of unallocated shares. ® Daily Net finance news from The Register

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