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Flotation could raise £180m, the parent company of M2000 and, has revealed it is set to raise £180m after it floats on the London Stock Exchange.

The price comparison website says it has set the share price at 170p to 210p per ordinary share.

At the midpoint of the price range, the offer size will be around £388m, comprising approximately 204 million shares representing up to 41% of the enlarged issued share capital of the company.

The company is seeking to raise gross proceeds of £180m through the issue of new ordinary shares. The proceeds will be used primarily to reduce debt and to fund growth.

Simon Nixon, chief executive of, is intending to sell approximately 60.3 million ordinary shares, representing approximately 18% of his holding of ordinary shares.

He has also granted Credit Suisse an over-allotment option in connection with the global offer, which may result in the sale of up to 30.6 million additional ordinary shares.

The senior managers and certain current and former employees are selling approximately 26.5 million ordinary shares. Nixon and the senior managers will own a majority of the ordinary shares.

Duncan Cameron, former business partner of Nixon, is intending to sell 22.5 million ordinary shares representing his entire shareholding.

Michael Wemms has joined the board as the senior independent director. Wemms is a non-executive director of Coles Group and Inchcape and was an executive director of Tesco between 1989 and 2000.

Nixon says: “We look forward to becoming a public company with the benefits it will bring. We are also delighted to have Michael Wemms joining the board.”


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