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Ocado Sets IPO Price
by Michael Carolan - 06/07/2010
"Online grocer Ocado on Tuesday priced its initial public offering at a level that values the company as high as £1.18 billion ($1.79 billion). "
The company has set the indicative price range for the IPO at between 200 pence and 275 pence a share. This gives Ocado a pre-IPO equity value of £800 million to £1.1 billion and a market capitalization of about £1.18 billion, it said.
Ocado, based in Hatfield, England, sells and distributes groceries for supermarket Waitrose as well as some non-food products for John Lewis. It has about 1.3 million registered users.
"This is expected to make Ocado eligible for inclusion in the FTSE 250 Index in due course," it added.
The company, which announced its decision to float on the London market late last month, said that the shares will be offered to institutional investors, employees and customers of Ocado.
The IPO is expected to raise net proceeds of £200 million. The exact price at which the shares will be sold will be revealed July 21.
The timing of the IPO has been criticized in some quarters, with the company's growth prospects still seen as uncertain. It hasn't turned a full-year pretax profit since its formation 10 years ago.
Ocado has already said it will use about £45 million of the proceeds to repay debt, with the rest used to invest in additional warehouses to store groceries, and other business needs.
The company, based in Hatfield, England, sells and distributes groceries for supermarket Waitrose, a unit of the John Lewis Partnership PLC, as well as some non-food products for John Lewis. It has about 1.3 million registered users.
John Lewis's pension fund is Ocado's biggest shareholder, with a 29% stake. Ocado's founders collectively own around 22%, while UBS AG and Procter & Gamble Co. have a 10% and 1% shareholding, respectively.
JP Morgan Chase & Co., UBS and Goldman Sachs Group Inc. are leading the transaction.
Write to Michael Carolan at michael.carolan@dowjones.com
More Details: http://online.wsj.com/article/SB10001424052748704862404575350204020958406.html?mod=googlenews_wsj
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