Standard Life Shares Stock Market Debut
July 10th, 2006 | POSTED BY ROB
After all our talk about the Standard Life demutualistation and floatation, shares in Standard Life finally floated on the London Stock Exchange (stock code SL on the LSE) this morning.
In early trading, the share price rose 11p to 241p, and as over writing, the price has moved up futher, currently standing at 242.50p (off a high of 245p).
According to the BBC, around 600,000 Standard Life members decided to sell off their windfall immediately, worth around £1billion of shares. However, these were outweighed by the 300,000 members and customers who decided to buy more shares (they were given a special discount of 5% on the shares, plus a promise of 1 extra share for every 20 held at the end of one year).
