Hill float flies but Focus changes

SHARES in William Hill got off to a blistering start today as they made their stock market debut despite the turbulent trading conditions of recent weeks. The shares, which were priced at 225p, jumped to 242p on their first day of conditional trading. City investors praised the group and its advisers for timing the float perfectly to coincide with the World Cup betting frenzy.

But there were remaining worries about the appetite for shares in DIY chain Focus Wickes, which announced a flotation price range well below expectations.

Focus Wickes is to float at between £950m and £1.15bn in an issue pricing the shares at 230p to 290p. Its venture capitalist backer Duke Street had expected to price the float at £1.2bn to £1.4bn but scaled back its plans after seeing last week's stock market troubles. City bookmakers were unimpressed by its prospects, with Financial Spreads offering 245p/250p, Cantor Index 250p/257p and IG Index at 260p/270p for the shares' closing price on their first day of trading.

William Hill's float came as it emerged bookmakers had shelled out more than £1m after the England match on Saturday. Other floats in the pipeline include Irish drinks group Cantrell & Cochrane.

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