BusinessBusiness RecoveryInternet FD is in the money after flotation

Internet FD is in the money after flotation

Paul Doughty, the CFO of moneysupermarket.com, is nearly £3m richer after his company’s IPO, despite a below-par fundraising

The internet broker, which helps consumers to find the cheapest financial
products, completed its float last week but ended up with an offer price of
£1.70 a share, at the foot of the £1.70 to £2.10 range.

A company spokesperson confirmed that Doughty had cashed in 1.6 million
shares, but even with the disappointing showing, the CFO of the UK’s leading
finance price comparison website made himself close to £3m.

If the IPO offer price had been set at the top end of the range, Doughty
would have earned close to £3.5m. But his windfall was dwarfed by chief
executive Simon Nixon, who cashed in 60.3 million shares, netting more than
£100m. He still holds more than 57% of the company, which is worth more than
£800m.

The company expected its admission to become effective and dealings to start
on the London Stock Exchange as of this week.

The issue price valued Moneysupermarket.com at £843m, and even after a share
price fall on initial trading it is expected to enter the FTSE 250 index.

For more go to
moneysupermarket.com

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