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Foreign Exchange

Record floats

In what is believed to be a first for such companies, Record, the specialist currency investment manager, listed on the London Stock Exchange on Wednesday. The company floated 25% of its shares at 160p, giving it an overall market capitalization of £354 million. After the first day of conditional dealing, the shares had risen modestly to 166.5p. Admission to the FSA’s official list is scheduled to take place on December 3. In an official statement, Neil Record, the company’s chairman and chief executive officer, said: “We are delighted that we have successfully completed our IPO in this challenging market environment. We will continue to focus on building our business in managing currency for absolute return both in the UK and overseas, and we look forward to updating our shareholders on our progress.”

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