Fidelity's Tom Ewing has seen the value of his small stake in Ocado double in just 10 months after the online grocer unveiled the details of its IPO this morning.
Ocado, which was founded by three former Goldman Sachs bankers in 2000, is aiming for a valuation of over £1bn in its planned IPO, after pricing its £200m share offer at between 200p and 275p. Assuming a mid-point take-up, Ocado would have a market value of £1.18bn. Ewing, who has a combined stake of just over 1% with another Fidelity manager in Ocado, joined former US Vice President Al Gore's Generation Investment Management and other investors in a £30m equity fundraising last September, which gave the group an enterprise value of £625m. The manager says a chance meeting at a con...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
