Management retain 19.2% and Charterhouse will hold 41.3% of the group
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Laura Chesters15 May 2014
Commiseration cards were needed for Card Factory today as shares in the retailer fell 6%, despite its float being priced at the bottom end of expectations.
The Wakefield-based greetings card chain floated at 225p — the bottom of the 225p to 300p price range originally announced — although it still landed management and private equity owner Charterhouse a windfall of up to £236 million.
Management retain 19.2% and Charterhouse will hold 41.3% of the group, which raised £90 million. Shares in the company fell 6% to 212p in conditional trading, valuing it at around £720 million.
