Business in Brief
MOTORPOINT, the largest car dealer in the UK, has raised £100 million through an initial public offering (IPO), on the main London market. The company sold 50 million existing shares at 200p, raising £100m and giving the group a market capitalisation of £200m. Share in the company pushed as high as 217.5p by close on Friday.
The placing was handled by global co-ordinator, sponsor and bookrunner Numis Securities. It was given legal advise by Pinsent Masons and Rothschild acted as financial advisers.
Motorpoint has 10 UK branches, including one in Glasgow. Last year it posted revenues of £563m and made a profit before tax of £9.5m.
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