QXL.com Sets Share Price High

QXL.com, the largest Internet auction company in the UK, has set the offer price of its shares near the top end of the range at 195p each (approx. $3.20).

As part of the offering, QXL.com has allocated 28 million new shares to institutional and retail investors, announcing Thursday that they were more than eight times oversubsubscribed.

The initial price values QXL.com at around £263 million ($421 million), prior to trading on the London Exchange, scheduled to commence at 8.00 am on Thursday, October 14.

The recent share offer of around 25 per cent of the company's shares was open only to investors in the UK. Shares will also be offered in the United States in a separate issue.

With the offer heavily oversubscribed, many small investors may be disappointed with the size of their allocations. Successful applicants will have their certificates mailed to them on October 14.

QXL.com has supported its offering with a major advertising campaign in the UK. Formerly called Quixell (to sound like "Quick Sell"), then QXL, it has finally settled for QXL.com plc and is already one of the most recognisable Internet brands in the UK.