Time Out’s tricky listing: shares debut fails to thrill crowd

Like tickets for a third-rate gig in Kentish Town, shares in Time Out made their debut earlier well below their issue price.

The shares, which were placed by brokers at Liberum at 150p, sank 15.75p, or 10.5%, to 134.25p in brisk trading.

The listings publisher and markets operator raised £90 million through the new share issue with private-equity owner Peter Duben’s Oakley Capital not selling any shares in the offer.

Analysts pointed out that the share sale had come at a time of heightened uncertainty in the stock market with the EU referendum just a week away.

The capital raised has been earmarked for expansion of Time Out’s digital business, e-commerce and its Time Out Markets business, which is chaired by former Marks & Spencer supremo Lord Rose.

Last week Julio Bruno, chief executive, said: “This is a milestone event for Time Out and I’m delighted that investor demand has been strong.

“I’m pleased to welcome on board our new, high-quality institutional shareholder base and look forward to delivering on our strategy as a public company.”