250,000 flock to register for Lastminute shares
Up to 250,000 investors have flocked to sign up for shares in lastminute.com The online retailer's shares, due to start trading tomorrow, are believed to be at least 20 times oversubscribed. Sponsors and backers of the float are reported to be preparing themselves for the backlash when allocations fail to meet expectations. Applications, which could only be made through the company's Website and closed on Friday, flooded in from small and institutional investors from both sides of the Atlantic. The stampede to get a piece of lastminute means there is around £2.3 billion on offer for £115 million worth of shares. City bookie Financial Spreads is predicting the share price will close at 590 pence on Tuesday – way higher than the official 350 pence. This would value Lastminute at £900 million – almost as much as Manchester United. ® See also So now Lastminute is worth £526 million Nearlylastminute.com consults lawyers over Sun article
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