Ocado finance director Andrew Bracey appears to think that the online grocery retailer's shares are a bargain and he has bought some in the offer and ahead of official trading next week.
The initial valuation range of 200p to 275p a share for loss-making Ocado was criticised as being too rich for investors. The share price was set at 180p, which valued Ocado, which delivers groceries from the supermarket Waitrose, at £937m. Ocado raised £200m after expenses and existing shareholders also sold shares. The cost of the offer was £15m.
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