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Last Updated: Friday, 6 October 2006, 08:03 GMT 09:03 UK
Hogg Robinson resumes float plan
Hogg Robinson logo
Share prices have been recovering in most of the major markets
Business travel specialist Hogg Robinson has revived plans to float on the London Stock Exchange - a week after cancelling the move.

The firm had blamed adverse market conditions for abandoning the 380m floatation, but will now try again with a lower share price.

Hogg makes travel arrangements for some of the UK's biggest firms, as well as arranging corporate hospitality.

The new share sale has been "heavily oversubscribed", a spokesman said.

The price for the shares - which had originally been expected to sell at between 1.40 and 2.20 - is due to be set on Monday.

The Financial Times said that Hogg Robinson would look to raise around 180m from the revived listing and will use the money to help cut debt.

Hogg Robinson was last listed on the LSE in 2000 and its decision to go public again comes amid a recovery in the London market.

On Thursday, the FTSE 100 finished above 6,000 points for the first time in five months.

At the same time, the recent floatation of Irish airline Aer Lingus performed well and prompted an unexpected takeover bid from rival carrier Ryanair.


SEE ALSO
Ryanair lifts stake in Aer Lingus
06 Oct 06 |  Business
Aer Lingus sets flotation price
27 Sep 06 |  Business
Dow Jones index hits new record
04 Oct 06 |  Business

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