Lastminute.com, the distressed-time-concept retailer which was supposed to IPO at £400m after its plans to float were announced in September, has settled for a more modest valuation. The London-based firm is flogging 33 million new shares at 190p to 230p, valuing it at £316 million at the mid-price, according to Reuters. Of course, the share price, and hence the market cap, could always creep towards the upper limit, nudging towards that magic £400 million mark, depending on demand for shares. According to MMXI Europe, 310,000 people had a nose around Lastminute.com in January, making it the UK's biggest online travel site (in terms of traffic). It may be a different matter when it comes to revenue. On that score, we suspect that ebookers.com is still the number one. ® Related Stories The wit and wisdom of Martha Lane Fox How meaningful are Lastminute.com registration numbers? Float announced for Lastminute.com Martha Lane Fox hedges bets with Sale of The Century