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Prudential&#39s Egg closes up 10 per cent after day one

Prudential&#39s online bank Egg floated on the markets this morning, rising as high as 190p before settling down at 176p as of 10:30 GMT.

The Pru has received 85,000 applications from clients and staff eligible to purchase stock. The rest of the available shares were snapped up by City traders. The release of shares was nine times oversubscribed.

The initial flotation price was set by the company yesterday at 160p which put the value of the bank at £1.35bn.

This is much lower than original estimates which had valued Egg as high as £4bn. That figure was attached before the recent collapse of technology and internet related stocks.

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