UK: Burberry Floats On Stock Exchange
Shares in famous fashion label Burberry began trading on the London Stock Exchange on Friday at an initial price of 230 pence per share. The offer price valued the 146-year-old company at £1.15 billion after owner GUS decided to sell a 22.5 per cent stake in the brand. Earlier this week, GUS was forced to dismiss rumours it planned to delay the IPO at the last minute due to uncertain market conditions.
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