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Prudential confirms plans to float Egg

Prudential has confirmed plans to float its online bank Egg.


The initial offering will only be available to Egg customers. Even they will be limited to purchasing up to £1,000 in shares each.


Only 10 to 15 per cent of its stocks will be involved in the float, which is expected in early June. Industry analysts predict the company will be valued at £1.5bn to £2bn upon flotation.


The cautious move by Prudential is to prevent it suffering a similar fate to companies like Lastminute.com, whose shares are languishing well below the initial flotation price.


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