LONDON (Reuters) - Madame Tussauds owner Merlin Entertainments has narrowed the price range for its London listing to 305-330 pence per share, the upper half of its original range, two sources close to the deal said on Wednesday.
Order books on the offering are heavily oversubscribed, one of the sources added. Merlin had originally offered the shares at between 280p and 330p, valuing the private equity-backed company at as much as 3.3 billion pounds.
Merlin, which on Monday said it would be closing the offer early, received enough orders for all the shares within a day of the sale launching, the sources said.
It now plans to float at least 25 percent of its shares in the offering, the sources added, having initially said the sale would represent a minimum of 20 percent of the company.
A spokesman for the company declined to comment.
Its owners, private equity firms Blackstone Group (BX.N) and CVC, as well as the Danish investment firm Kirkbi A/S which controls Lego Group, are selling some of their holdings.
Merlin, which is due to make its stock market debut on November 8, is also raising 200 million pounds from new shares.
(Reporting by Kylie MacLellan, editing by Sinead Cruise)
- Private Equity & Hedge Funds
- Merlin Entertainments
- Madame Tussauds