Hogg Robinson enjoys positive debut

Hogg Robinson shares started on the front foot today after the corporate travel business joined the stock market at the second time of asking.

The group, which handles the travel arrangements for a number of blue-chip companies, cut the opening price of its shares to 90p after a previous attempt at listing the business at between 140p and 220p failed last month.

With the new offer being significantly over-subscribed, Hogg Robinson shares rose to 98p in the opening minutes of conditional dealings today.

The offer of 200 million new shares raised £180m (€266m) million for the company, while private equity owner Permira has also sold down its stake.

Hogg had a market value of £275m (€407m) at the start of trading, compared with previous estimates of between £300m (€444m) and £450m (€667m).

The group was taken private in 2000 after Permira backed a management buy-out.