On The Beach lists on LSE

LONDON (ShareCast) - (ShareCast News) - Online holiday retailer On The Beach Group listed on the London Stock Exchange (Other OTC: LDNXF - news) on Wednesday as conditional dealings in the firm's shares began. The group said it planned to place 52,173,912 shares, or 37.8% of those issued, on the market at 184p per share. Unconditional dealings in the shares will begin on 28 September.

Private equity firm Inflexion holds approximately 37.1% of the remaining shares, with directors and senior management team owning 21.7%.

When it is listed, the volume and offer share price will equate to a market capitalisation of approximately £240m.

Chief executive Simon Cooper said in just under 11 years, On the Beach has established itself as one of the UK's leading online retailers of beach holidays.

"Our highly differentiated business model and superior technology platform has been core to the success of the business," he said.

"The IPO of On the Beach marks an exciting milestone in the company's development and will support us in our ambition to become Europe's leading online retailer of beach holidays." At 125 BST, shares in the retailer were up to 208p per share.