The retailer, which owns 1,276 newsagents and convenience stores, set its share listing offer price at 191p per share yesterday, valuing the company at £200m.
However, the shares fell 6p to 184.5p in conditional trading. This is where shares are unofficially traded before they are officially admitted to the stock exchange. The lower price gave the company a market value of about £193m, raising concerns over the pricing of the float.
The company is the first of a host of retailers due to come to the market in com-ing weeks, including
Management have sold about half of their 80 per cent holding while
Cavendish are now locked-up for a period of 180 days before they can sell their remaining stake while management have agreed not to sell shares for a year.
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