Ocado hits back at critics July 11, 2010 OCADO’S advisers reacted furiously last night to suggestions its £1bn flotation may be in trouble. The firm spoke out against a number of high-profile fund managers it claims are attempting to undermine the pricing of its IPO. The float, in which the grocery delivery firm hopes to raise £200m, appears to be on a knife [...]
Quest: Shares in Ocado are overvalued by 46 per cent July 8, 2010 Analysis firm Quest has delivered another slap in the face to Ocado, as the grocery delivery firm attempts to justify its £1.1bn IPO valuation to investors. The Collins Stewart subsidiary says it values shares in Ocado at just 128p – a staggering 46 per cent under the mid-point put forward in its prospectus. It says [...]
Amazon set to sell groceries July 7, 2010 Ocado’s £1.1bn float was dealt another blow yesterday when internet giant Amazon launched a competing grocery delivery business. Amazon has long toyed with the idea of branching into food delivery, and already does so in the US and Germany, but the timing of the decision heaps pressure on Ocado. Analysts have already questioned the value [...]
Ocado warns investors of Waitrose risks July 6, 2010 OCADO finally launched the hotly anticipated prospectus for its £1.1bn flotation, to a muted response from the City. The firm has set the price-range between 200p and 275p a share, giving it a value of between £800m and £1.1bn, despite never having turned a profit. The document contains 18 pages of risk factors associated with [...]
Ocado sets £1.2bn valuation for listing July 6, 2010 ONLINE grocer Ocado is aiming for a valuation of over £1bn in its planned initial public offering (IPO), despite turbulent markets and scepticism among some analysts and investors. The firm, which announced plans last month to raise £200m in a stock market listing, said on it would price its shares at between 200 pence and [...]
Doubts over Ocado value July 5, 2010 OCADO can expect a frosty reception to its prospectus when it finally launches this morning, as investors and analysts baulk at the expected £1bn valuation of the firm. The roadshow will get underway this afternoon but Ocado bosses face an uphill struggle if they are to persuade investors to part with their cash. The head [...]
CITY VIEWS: WOULD YOU INVEST IN OCADO? July 5, 2010 JOHN BUTTERWORTH | INSURANCE CONSULTANT “I don’t think there is a problem with the firm floating. The long-term Waitrose deal is a definite plus point. It’s something different for investors: rewards come from taking a punt.” EMMA ATKINS | KENNEDY LAW “Online shopping is so convenient and the timing could be right for them. I [...]
Ocado issues IPO prospectus July 4, 2010 OCADO will this morning unveil the prospectus for its ambitious initial public offering, which it hopes will value the firm at more than £1bn. The online grocery delivery firm will begin a two week roadshow tomorrow as it seeks to convince investors it is worth the monster sum despite never turning a profit. Ocado, which [...]
A&O bullish as profit up 10pc despite slump June 30, 2010 ALLEN & OVERY (A&O) is the first of the UK’s largest law firms to reveal financial results, posting a four per cent decline in turnover and a 10 per cent hike in profits. The “magic circle” law firm saw revenue for the year ending 30 April fall to £1.05bn from £1.09bn it posted the previous [...]
Pinewood shareholder calls on Grade to resign June 28, 2010 MICHAEL Grade, the former ITV chief executive and current chairman of soon-to-be floated online grocer Ocado will today be urged to resign as chairman of Pinewood Studios by one of the group’s larger shareholders. The embarrassing challenge to Grade, which will be made at today’s shareholder meeting, comes from the 18 per cent holder Crystal [...]