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Halfords IPO raised £266.7m - BikeBiz

Halfords IPO raised £266.7m

CVC Capital Partners Ltd sold shares at 260 pence each, valuing the company at £593m.
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The IPO is made up of a primary offer of 53.9 million ordinary shares and a secondary offer of 48.7 million ordinary shares.

CVC acquired Halfords in August 2002 for £427m in August 2002. The £267m initial public offering was for 45 percent of its share holding.

CVC has retained a 46 percent stake in the company, with management retaining six percent.

Jonathan Feuer, a partner at CVC, said: "We are delighted the offer has been so well received by the market. 'The uptake is a reflection of Halfords' growth prospects, market position and excellent management. We look forward to participating in the future success of the company as the largest shareholder."

According to the business section of The Times, David Hamid, CEO of Halfords earned himself an £8.3m paper fortune from the float.

He joined Halfords a year ago from Dixons. With a 1.4 percent holding, he controls the biggest chunk of the 6 per cent stake in management hands. The other 43 members of the management will share the remaining £28 million, said The Times.

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