Legoland owner Merlin sees shares jump on market debut
Shares in Merlin Entertainments, the owner of Legoland and Madame Tussauds, have made a strong start on their debut on the London stock market.
After being priced at 315p, the shares jumped to 355p in early conditional trading before closing up 7% to 347p.
The flotation price of 315p a share valued Merlin, which also operates the London Eye and Alton Towers, at £3.2bn.
Merlin chief Nick Varney said he was "delighted" with the strong demand from both institutions and retail investors.
Merlin sold a 30% stake in the business, raising a gross total of about £957m for the company and the selling shareholders.
It said that 87.5% of the shares for sale had gone to institutional investors, such as pension funds, while 12.5% went to retail investors.
Retail investors who applied for the minimum of £1,000 of shares have been allocated 317 shares, worth £998.55.
Those who applied for more than £1,000 worth of shares will receive 317 shares, plus 55% of the remaining amount they applied for.
Shareholders will also receive perks, being entitled to discounts on some Merlin annual passes.