LONDON (Alliance News) - Shares in outsourcer Equiniti Group PLC started unconditional dealings in London on Friday, with the shares continuing to trade below their initial public offering price, which itself was at the low end of its hopes.
Equiniti shares started conditional trading on Tuesday, after its IPO was priced at the low end of guidance at 165.00 pence per share, giving it a market capitalisation upon admission of GBP495.0 million. The company said it would target a market capitalisation of GBP495.0 million to GBP600.0 million when it outlined its float plans earlier in the month.
Equiniti provides share registration and associated investor services, administers employee share plans, pension adminstration and software, and employee benefit schemes. The company said it currently has around 70 companies in the FTSE 100 and 120 companies in the FTSE 250 on its books.
On Friday, its shares were trading at 157.5 pence, down 0.3% on the day so far and down 4.8% from the IPO price.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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