PizzaExpress owner Gondola Holdings kicked off its flotation yesterday when it began conditional trading of its newly-issued shares on the London Stock Exchange.

Unconditional trading will start next Tuesday (8 November) when Gondola, which also owns Ask and Zizzi, joins the official list of the Financial Services Authority.

The group made a global offer of 42.2 million shares (from a total 134.7 million shares) to institutional shareholders.

The offer price of 320p per share raised £135m in total and gives Gondola a market capitalisation of £431m.

Following the flotation, owners TDR Capital and Capricorn Ventures have decreased their stake in Gondola from around 80% to 51.4%.

Employees of the restaurant brands hold a 7.2% share.

By Angela Frewin

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