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- FTSE 100 down 49 points to 8,236
- Raspberry Pi eyes top end of IPO pricing
- Ferries crossing Channel disrupted
Raspberry Pi aims for top end of IPO pricing
Raspberry Pi, the DIY personal computer maker, is said to be eyeing the top end of its pricing range for its upcoming IPO on the London Stock Exchange, reports from Bloomberg revealed.
Shares are expected to be priced at 280p, suggesting Raspberry Pi will net £179 million from the IPO, the report indicated.
Raspberry Pi’s implied valuation is therefore estimated at £540 million. The IPO is also oversubscribed, suggesting its valuation could move higher when trading commences on 14 June.
The group's listing is being hyped as a shot in the arm for the London Stock Exchange, which has suffered from an exodus of companies moving abroad or being taken private.
2023 was one of the worst years for London IPOs on record, but with Chinese fast-fashion giant Shein reportedly preparing to file for its IPO, green shoots have started to emerge.
Ferries to Calais disrupted by strikes
Ferries crossing the Channel between Calais and Dover have been forced to deal with major disruption after workers at the French port took part in industrial action.
P&O Ferries, Irish Ferries, and DFDS have all cancelled, delayed or rerouted journeys due to the strikes, which have occurred due to a national dispute over pension reforms.
This morning, P&O warned customers that its check-in was currently suspended because of the disrupiton.
“Rest assured if you miss your booked departure, we will get you on the next available," a statement said.
Passengers have been told to use the toilet facilities before arriving at Calais' port and said to “plan for a wait on arrival”.
So far, Irish Ferries has had to cancel four of its sailings, while DFDS switched all its journeys to between Dover and Dunkirk, the port being 30 miles east of Calais.
Shares in Carnival (NYSE:CCL), the owner of P&O, slipped a little over 2% on Friday.
UK faces £28 billion black hole, warns IFS
Britain could slip into a £28 billion black hole should it experience weak economic growth in the near term, potentially causing havoc to whichever political party is elected, the Institute for Fiscal Studies warned.
Both Sunak and Starmer have been urged to outlay plans for the country should it suffer a downturn in the economy, with concerns that public finances are teetering.
Conservatives and Labour remain in agreement that the government must attempt to reduce its debt pile within the next five years.
The IFS said the plans are based on the economy growing by 1.5% a year on average, a figure forecast by the Office for Budget Responsibility.
Yet, economists aren't as optimistic about the UK's prospects, with the Bank of England expecting to see debt rising by a margin £28 billion between 2028 and 2029.
Isabel Stockton at the IFS labelled the target "frankly rather daft."
She added: “While forecasts might improve – we might get lucky – they might also get worse. Given that there must be at least a 50:50 chance of such a deterioration, it really is incumbent on the parties to tell us how they would respond.”
Redcentric slips as takeover talks end
Over in the AIM market, IT group Redcentric tumbled close to 4% after it was revealed that Italian cloud computing and cybersecurity group Wiit would not be making a takeover offer.
Back in May, Wiit said it was speaking with Redcentric overall a deal to to acquire the company.
Redcentric has worked with investment bank Lazard to help search for potential buyers for the £220 million company.
Shares in the IT firm are up more than 10% in 2024 despite today's drop.
Baby Reindeer's 'Martha' sues Netflix
Netflix shares have remained unfazed following reports that 'Martha' from the hit show Baby Reindeer has hit the streaming service with a £133 million lawsuit
Fiona Harvey filed the lawsuit against Netflix Inc (NASDAQ:NFLX), alleging defamation and other claims related to the portrayal of a character inspired by her in the hit drama series.
The lawsuit, filed in California, accuses Netflix of intentional infliction of emotional distress, negligence, and violations of her right of publicity.
'Baby Reindeer', created by and starring Richard Gadd, depicts Gadd's alleged experiences with a stalker.
Harvey, who publicly identified herself as the series' inspiration, denies stalking Gadd or sending him numerous emails and messages.