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CMC to sell 25 percent of shares in IPO

Reuters - UK Focus

LONDON, Jan 13 (Reuters) - Online trading company CMC (Shanghai: 600327.SS - news) Markets will float 25 percent of the company in a share sale that will leave Chief Executive Peter Cruddas with a just over 60 percent controlling stake in the company, Cruddas told Reuters on Wednesday.

CMC (BSE: CMC6.BO - news) , which had said previously it might float this year, formally announced its attention to offer shares on Wednesday.

A source close to the company said the launch on the London Stock Exchange was likely to take place in early February after a roadshow to firm up investor appetite for the sale.

"There has been plenty of interest from investors already," the source said.

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The company's first-half results and market valuation of peer IG (LSE: IGG.L - news) suggest a value for CMC of roughly 750 million pounds and therefore an initial public offering worth around 200 million pounds.

Cruddas said Goldman Sachs (NYSE: GS-PB - news) would be selling shares pro-rata to its 10 percent share in the company. (Reporting by Patrick Graham; editing by Jason Neely)