Upper Crust owner SSP narrows London IPO price range - Telegraph

July 8 Tue Jul 8, 2014 3:10pm EDT

July 8 (Reuters) - SSP Group IPO-SSPG.L, the owner of Upper Crust and Caffe Ritazza, had narrowed the price range for its initial public offering to between 210 pence per share and 230 pence per share, Telegraph reported on Tuesday.

The newspaper last month reported that SSP shares were being marketed by banks between 200 pence and 240 pence per share.

The narrowed IPO range would give the company headed by retail veteran Kate Swann a market valuation of about 997.5 million pounds ($1.7 billion) to 1.09 billion pounds, the paper said, without citing its sources. (bit.ly/1qHxxg9)

Reuters had reported last month that the food and drink company, which operates outlets in airports and railway stations in 29 countries, could have a stock market capitalisation of between 1.6 billion pounds and 2 billion pounds including debt, when it listed.

SSP's final IPO price would be decided on Wednesday evening, and a final announcement was expected to be made to the London Stock Exchange on Thursday, the Telegraph said.

The company, which was spun out of the world's biggest catering firm Compass in 2006, could not immediately be reached for a comment outside of regular business hours in the UK. ($1 = 0.5877 British Pounds) (Reporting by Esha Vaish in Bangalore; Editing by Cynthia Osterman)