Lastminute not worth £400m after all
Plumps for £316m mid-price market cap
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
Sponsored: RAID: End of an era?