mobanmarketDebenhams has raised £950 million in its initial public offering, making it one of the UK’s largest listings in almost five years. It sold 487.2 million shares for 195 pence per share. In early trading shares rose up to 5 percent. This IPO signifies the retailer’s return to the market, after having operated as private company for almost three years. Debenhams will begin trading as a public company from next Tuesday. With prices between 195 pence and 210 pence, the company has been valued at £1.95 billion, and with debt of £1.2 billion, its enterprise value will be between £2.9 billion and £3 billion. It will not, however, make it onto the FTSE 100, as the smallest company on it is Cable and Wireless with a market capitalisation of £2.4 billion. Private equity investors Texas Pacific, CVC Capital and Merrill Lynch Global Private Equity, will retain a stake of about £620 million after the float. Chairman John Lovering stands to make £5.2 million if shares sell at 210 pence, and will retain another £12.6 million.
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