Gartmore IPO share price lower than expected

The company cut its initial price range to 220-250p per share from 250-330p per share, with reports saying it is expecting to raise around £340m rather than the original £400m it hoped to raise in London's biggest public offering of the year. Its money-raising initiative will be used to repay the group's debt and fund the company's future growth. The global offer consists of a primary offer of 127.3m new ordinary shares and 27.3m existing ordinary shares, representing in aggregate just over half of the 307.3m ordinary shares in issue. BofA Merrill Lynch, Morgan Stanley and UBS Inve...