Hargreaves shares make strong start

Investment management firm Hargreaves Lansdown surged in value today after its shares made an impressive debut on the London Stock Exchange.

The stock was priced at the top end of expectations, but the Bristol-based firm still saw its share price shoot from 160p to 212.5p in conditional dealings.

That gave HL a market value of just over £1bn (€1.46bn), compared with £759m (€1,100) at the start of trading today.

The flotation involved the sale of 25% of the business, allowing founders Stephen Lansdown and Peter Hargreaves to realise some of their 80% stake.

They will pick up a combined £150m (€219m) from the flotation today while the value of their remaining holdings has increased to £600m (876.3m).

They have committed to hold their shares for up to four years following the listing.