Business

Auto Trader shares offered at 235p as firm floats

Cars. Kent Image copyright PA
Image caption The share price would give the company a market capitalisation of £2.35bn

Car classified ad website Auto Trader has priced its shares at 235p as it floats on the London Stock Exchange, valuing the business at £2.35bn.

Conditional share dealings began at 08.00 on Thursday, and unconditional dealing will start on 24 March.

The company announced its intention to float on 26 February. It claims to be the UK's largest car sales website.

The company was founded in 1977 and started as a car classified ad magazine.

From 1996 it began to go online, and the final publication of the print magazine was in June 2013.

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