Fleet News

Avis flotation is oversubscribed

AVIS Europe's flotation on the London Stock Exchange has been hugely oversubscribed. The offer price was set at 124 pence per share, and conditional dealings saw that rise to 131.5 pence by the end of the first day's trading.

A total of 215 million shares will be sold in the offer, raising £267 million, and resulting in net proceeds for the company of £161 million after the re-purchase of General Motor's shareholding, purchase of options and expenses. Following the offer a further 367 million shares will be issued, taking the total number of shares to 582 million, and valuing the company at £722 million. Unconditional dealing in the shares starts today (April 4).

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