THE WELCOME GIVEN to HMV – jointly sold by record company EMI and private-equity firm Advent – when it was floated on the London Stock Exchange in late April was muted to say the least. The £537 million issue was priced at 192p from a range of 220p to 190p yet still traded down in the after market, falling 7.6% on the first day of trading to 169p on May 27.
HMV’s uninspiring performance helped set a dangerous precedent.
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