July 8 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
($1 = 0.5877 British Pounds)
(Reporting by Esha Vaish in Bangalore; Editing by Cynthia