Wednesday, November 10, 1999 Published at 08:01 GMT
Business: The Company File
Scottish Power's Thus rises on debut
Thus includes ISP Demon Internet within its stable
Scottish Power's telecoms and internet business, Thus, made a strong debut on the UK stock market.
The closing share price of 336p per share valued the company at £2.37bn.
This was at a slight premium to their float price of 310p a share, which had valued the company at £2.2bn. Earlier the stock reached a high of 395p.
The float price gave the company a value of £2.2bn - higher than first expected for the division which was formerly known as Scottish Telecom.
The initial range suggested by the company for the shares' debut had been between 235p and 285p.
But as a result of the high demand - with the issue nine times over-subscribed - Scottish Power revised the range upwards.
The Scottish multi-utility is floating 49.9% of the telecoms group.
Thus operates in three fields, data and telecommunications services for businesses, call centres, and internet services under the Demon Internet name.
Ian Robinson, chief executive of Scottish Power, said: "The flotation underlines the value we have created for our shareholders and demonstrates our commitment to delivering value from our portfolio of business." .
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