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UPDATE: Lastminute leaps to £800m valuation

By silicon.com

Published: 14 March 2000 12:44 GMT

Lastminute.com joined Exchange Holdings, Freeserve and QXL in the UK Internet "hall of fame" this morning as initial pre-float trading began.

The company opened on the London Stock Exchange at £570m, quickly rising to £800m as shares started to change hands.

Demand for the shares had already forced Lastminute and its advisors to raise its opening price from £3.20 per share to £3.80. This morning the price reached a peak of £5.35 once trading commenced, falling back to £5.25 at noon.

The loss-making travel shopping site has profited from the frenzy of excitement among novice private investors - fuelled by the mainstream press - in so-called Internet stocks.

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