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Hargreaves Lansdown announces IPO price range valuing firm at £711m

Hargreaves Lansdown has announced an indicative offer price of 140p to 160p for each of its 118.6m ordinary shares.

The offer, which comprises 25 per cent of the groups shares, implys gross proceeds in the region of £178m and a market capitalisation for the firm of some £711m.

The prospectus for the proposed initial public offering has also been published with book-building starting immediately.

The share offer, which has been made to institutional investors and some clients of Hargreaves Lansdown, will see the company join the main market as a FTSE 250 company, with no new capital being raised from the offer.

The price of the offer shares and conditional dealings in the ordinary shares is expected to begin in approximately two weeks, while admission is expected to occur and unconditional dealings in the ordinary shares are expected to commence on or around 18 May 2007.

The floatation has restricted senior management to selling 25 per cent of their post-floatation shares on announcement of the group’s annual results on June 30 each year from 2008 until 2011.

Hargreaves Lansdown chairman and co-founder Stephen Lansdown says: “We are pleased to be announcing the publication of a prospectus and the price range for the offer of shares in Hargreaves Lansdown and we look forward to becoming a publicly quoted company and to welcoming new investors to share in the company’s success.”


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