Patisserie Valerie gets nearer to top of IPO range in open trading

Marion Dakers
SHARES in Patisserie Holdings closed up 0.5 per cent at 194p yesterday in the first day of full trading since the cake chain’s float.

The Aim-listed company priced at the bottom of its 170p to 200p range last week but the stock has in recent days edged higher, and held up well as unconditional trading began.

The firm behind Patisserie Valerie, Philpotts and Baker & Spice is run by Pizza Express founder Luke Johnson.

The float last Wednesday valued Patisserie Holdings at £170m and raised almost £33m to pay down the firm’s debts.

The stock’s initial performance, under the ticker code CAKE, will be encouraging for the queue of companies hoping to list on the London markets in the coming months. Discount retailer B&M could announce its intention to float as early as this week, while online property firm Zoopla is expected to fire the starting gun on its IPO on Thursday.