News

Moneysupermarket.com, the price comparison group that includes holiday website travelsupermarket.com, has listed on the London Stock Exchange.

Trading began with the share price at £1.70, valuing the company at £843 million. Revenue from the share-issue will be used to fund growth and pay off debt, with chief executive Simon Nixon expected to bank hundreds of millions.

Nixon recently bought out co-founder Duncan Cameron for a reported £162 million and will retain a majority holding in the group. Cameron stopped working for moneysupermarket five years ago.

The group offers price-comparison sites on financial products such as credit cards and mortgages, and on insurance and utilities as well as on travel. The group is chaired by Gerald Corbett, former head of defunct rail group Railtrack, and makes its money from fees and online advertising.

Nixon said: "We have established a high-quality shareholder base despite difficult stock market conditions and look forward to life as a listed company.

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