The share price for the initial public offering of Morse Holdings Plc, a UK computer reseller and systems integrator, has been set at 250 pence, the bottom end of the expected range 250-300. The offering was over-subscribed, but only by 130%. The major shareholders, 3i and PPM Ventures, are to sell fewer shares, with 58.1 million, instead of 88.1m.
The share price values the company at 305.7m pounds ($500.7m). The offering will raise 145m pounds, 60m of which will go to Morse, where it will fund employee incentive schemes, investment in the companyÆs UK operations and possible international acquisitions. Merrill Lynch International is the sponsor, global coordinator and bookrunner to the offering. Unconditional dealings begin on March 30. Figures were converted at an exchange rate of $1.638 dollars to the pound.
