AO valued at £1.2bn in market debut

Electrical goods retailer AO World made its market debut this morning, pricing its shares at 285p.

The float has valued the Bolton-based firm at £1.2 billion, and conditional dealing in the shares began this morning. Unconditional trading is expected to start on Monday.

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AO’s initial public offering has also raised about £363 million for existing shareholders including chief executive John Roberts, who launched the business in 2000.

Roberts said: “I have never been more excited about our business. We hope to continue to grow our market leading position in the UK and we have the opportunity to bring our business model and customer focus to the online European electricals market.”