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Spreadbetting firm CMC Markets to be valued at $1 bln in IPO - bookrunner

Reuters - UK Focus

LONDON, Feb 4 (Reuters) - British financial spreadbetting firm CMC Markets is likely to price its London stock market listing at 240 pence a share, a bookrunner said on Thursday, after investors were told orders below that were likely to miss out.

The price would value the company, run by Chief Executive Peter Cruddas, at 693 million pounds ($1.01 billion).

Trading is due to begin on Friday. Amid choppy markets, the pricing comes in at the lower end of the original range of 235-275 pence a share.

($1 = 0.6859 pounds) (Reporting By Freya Berry; editing by Simon Jessop)