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Gartmore lists at 220p per share

Fund management house Gartmore will list on the stock exchange today at 220p per share, significantly below the 270p mid-point it had hoped for. Gartmore’s flotation is the first initial public offering of a private-equity owned company since the onset of the credit crunch in 2007. While its share price will now imply a market capitalisation of £676m compared with its projected tag of £800m a fortnight ago, the firm believes merely covering the IPO after the recent debt turmoil in Dubai and bond market jitters following the pre-Budget Report is an achievement.