Legoland owner narrows price range for London listing say sources

Sources close to Merlin Entertainment's London listing deal said on Wednesday that the company has narrowed its price range to 305-330 pence per share, reports Reuters.

The company has previously been valued at £3.3bn, when the share price was between 280 and 330 pence per share.

The owner of Legoland and Alton Towers received orders for all the shares within 24 hours of the sale launch, according to sources. The float will be a total of 25 per cent of the company. Merlin is due to enter the stock market on 8 November with the sale expected to raise £200m.

Merlin announced the float in October, after poor market conditions forced the company to delay the plans in 2010.

Speaking on 21 October, Nick Varney, chief executive of Merlin said:

The IPO will provide Merlin with the platform for our next stage of development and allow us to plan for the longer term. As such we are very excited about this next chapter of our story, and look forward to creating value for our shareholders and more magic for our customers.

Merlin has experienced strong growth, managing to attract 54m visitors worldwide and generating £1bn in revenue in 2013. The minimum application for the intermediaries offer will be £1,000. The offer has an added incentive, with a 30 per cent discount on two adult Merlin annual passes or on one family annual pass.