Discount leisure retailer Sports Direct raised £929 million for its founder in its initial public offer (IPO) this morning.
Mike Ashley, who opened his first sports shop in 1982, saw his group raise £2.16 billion at the top end of market expectations.
Heavy demand for shares in the company, which were 2.7 times oversubscribed, contributed to the strong IPO price. Sports Direct sold 309.6 million shares at a price of 300 pence each, but shares fell by 1.92 per cent from the IPO during morning trading.
"We have enjoyed telling investors about the success of Sports Direct and are delighted that so many of them have chosen to take part in the offer," Dave Forsey, Sports Direct's chief executive, said.
"Sports Direct is an exciting and dynamic business. The management team will continue to focus on delivering the growth in both our retail and brands businesses that we have outlined in the prospectus."
Sports Direct operates 465 stores in Britain including Lillywhites, Sports World and the Original Shoe Company.
It also holds a portfolio of international sports and leisure brands, including Slazenger, Dunlop, Donnay and Kangol.
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