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Thursday, 2 December, 1999, 14:37 GMT
Net site 365 soars on debut

Football 365 we Football365 is the heart of a 500m company


The journalist and sports broadcaster Danny Kelly has seen the value of the internet company he co-founded soar past the 500m mark.

Shares in 365 Corp doubled within minutes of going on sale at London Stock Exchange.


365 founders
Danny Kelly: Broadcaster, former NME editor
Dan Thompson: Renegade Software founder
Simon Morris: ex-BSkyB and Sega

Its performance, following an even more dramatic rise the previous day by Freecom, is the latest sign that internet valuations in the UK are following the stratospheric trends seen by their US forerunners.

By 1430 GMT, 365's shares were trading at 254p, having dropped back from an earlier peak of 320p. The shares were issued at 160p.

"There has been phenomenal turnover, some institutions have increased their weightings and there have been a lot of retail buyers," one dealer said.

The share offering had been more than 10 times oversubscribed, pushing the issue price to the top end of expectations.

Freeserve also rockets

At 254p per share the company is valued at around 452m, compared with 284.6m at the offer price.

By contrast, dealers said they were disappointed by the low turnover of shares in Peacock Group, another debutant on the London market.

The discount clothing and homeware retailer has 274 stores and saw its shares rise a relatively sluggish 16%.

365 is the UK's fourth largest Internet issue this year, after Freeserve, auction house QXL and financial services group eXchange Holdings.

The thirst for internet stocks helped Freeserve, up 91.25 to 379.5 after the company announced a link up with BT Cellnet to develop mobile internet services in Britain. QXL was up 6.6%.

365, behind such sites as Football365 and providing sport, music and lifestyle content to third parties, raised 75.5m from the offer of 47.2 million shares.

The funds raised are to be used for further product development and investment in new services, it said.

365 claims to have grown from scratch to having 800,000 readers in its first 18 months.

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See also:
01 Dec 99 |  Business
Freecom booms on market debut
16 Nov 99 |  The Company File
Freeserve shares surge
06 Aug 99 |  The Company File
UK Internet stock flies on debut
07 Oct 99 |  The Company File
QXL shares modest rise on debut

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