Edinburgh UK The demand for shares in Wolfson Microelectronics 'significantly' outstripped supply as an offer price of 210 pence per share was set, valuing the company at over £200million.
Nearly 40 million shares or around 32.4 per cent of the company was made available bringing in £69.1million. At listing the market capitalisation of the company will be approximately £213.7 million with over 101million shares in circulation.
Employees offered over £0.5 million with over 250,000 shares being allocated..
Conditional dealings started at 8.00am today (16th October) on the London Stock Exchange and it is expected that the listing will become effective and unconditional dealings will commence at 8.00am on 21 October 2003 under the ticker symbol WLF.L.
David Milne, Chief Executive Officer of Wolfson, said, “We are delighted at the tremendous response from institutions in the UK, Continental Europe and the US. This is an emphatic endorsement of our track record and our confidence in Wolfson's prospects going forward.