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Motorpoint Group up and running with premium debut

Published: 11:55 18 May 2016 BST

used car sales on a lot
Motorpoint focusses on the sale of ‘nearly new’ vehicles.

The car sales firm Motorpoint Group Plc (LON:MOTR) got up and running to a premium on its stock market debut.

Motorpoint shares began trading today on the main market of the London Stock Exchange, and at around midday were changing hands at 226p.

The IPO saw 50mln existing shares sold at a price at 200p, valuing the company at £200mln – and raising £100mln for co-founder David Shelton.

Mark Carpenter, earlier this month, described the stock market IPO as a significant milestone in Motorpoint’s “journey”.

“As the largest independent vehicle retailer in the UK, with a differentiated, multichannel, disruptive business model and a compelling customer proposition built around choice, value and service, we believe that this listing on the LSE will provide the catalyst to take the Company to the next stage of its growth," he said in a statement.

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