* Offering priced at 235p/share vs range 225-270p
* Values firm at 396 million pounds
* To use net proceeds to reduce debt
(Adds details, CEO comment, shares)
LONDON, March 19 CPP Group (CPPG.L), a provider
of card and identity theft protection, has raised 150 million
pounds ($228 million) in an flotation priced towards the lower
end of the range, it said on Friday.
The offer price of 235 pence compares with a range of
targeted by CPP of 225 to 270 pence and values the firm at 396
The vast majority of the money raised in the flotation will
be going to founder and majority shareholder Hamish Ogston, with
just 30 million pounds being used by the company to pay down
CEO Eric Woolley told reporters cutting debt to round 20
million pounds from its current level of just under 50 million
gave the group a flexible balance sheet.
"We start off in a healthy shape and will continue in a
He said the group, which operates in 14 countries around the
world and has 1,900 people, saw good opportunities in China,
Latin America, Middle east, Taiwan and Indonesia.
He added CPP would look at bolt-on acquisitions but had
nothing in mind in the short-term.
CPP's shares were trading at a mid-price of 247.5 pence on
the London Stock Exchange at 0810 GMT.
(Reporting by Victoria Bryan; Editing by Hans Peters)