QXL eight times oversubscribed
QXL has struck its IPO share price at 195p -- at the top end of the indicative range -- after its offering was oversubscribed 8 times. This gives the online auction house a market cap of £263 million when shares start trading today on the London Stock Exchange and Nasdaq. The company is raising £54.6 million in new money ( before expenses), with British retail investors each receiving 256 shares. And fair play to the "suppliers and friends of QXL.com", who accepted QXL paper, instead of hard cash. They now divvy up one million shares between them. ®
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