Buxton to snub 'overvalued' Ocado IPO

Schroders' Richard Buxton will snub the high-profile Ocado IPO, saying the 200p to 275p per share price is far too excessive.

Buxton says the group, which would be valued between £800m and £1.3bn under the offer, is at about double the valuation he would be interested investing in, the Financial Times reports. "This is only for investors who wish to create capital gains tax losses," the £1.93bn Schroder UK Alpha Plus fund manager says. The group, founded by three former Goldman Sachs bankers, is due to be priced on July 21. Goldman Sachs, UBS, JPMorgan Cazenove, Barclays Capital, HSBC, Jefferies International, Lloyds and Numis Securities are all assisting in the float. "It seems there is a new rule in the...