Cannes Lions owner Ascential has confirmed pricing of its stock market float at £800 million ahead of the company commencing trading on the London Stock exchange this Friday.
The company's offer comprises 140 million shares and was priced as 200 pence per share. The company is raising about £183.2 million of net proceeds in the offer, after deducting underwriting costs and other fees.
Ascential chief executive Duncan Painter says the group is pleased with the response from investors toward the company and its initial public offer (IPO).
“As we move forward as a listed company, our focus will not change,” Painter says.
“We will continue to put our customers first, supporting them with market leading products specifically designed to help them secure their own growth and success.”
Ascential was formerly known as Top Right and runs several magazines along with one of the most renowned advertising award shows, The Cannes Lions.
Last week, The Cannes Lions announced the first round of speakers for this year's event.
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