Float, float on

Agency Robert Walters was floated on the London Stock Exchange for the second time in four years earlier this month, following a "shift in strategic focus" by its US-based owner, StaffMark Inc.

Under the guidance of its namesake and chief executive, the global recruitment company - which was first floated in 1996 - is in the process of regaining its independence from Nasdaq-listed, StaffMark, with whom it joined forces in a "mutually beneficial move" two years ago.

Despite the merger, the agency operated as an autonomous division within StaffMark, and the two companies' separation has been attributed to a "change in business focus" by the American staffing group.

The initial public offering (IPO), which became effective on 13 July, valued Robert Walters at approximately £140m with the offering of some 82,300,000 shares at 170p each.

Commenting on the listing, chief executive Robert Walters, said," I am delighted at the high level of interest and support that our staff and institutional investors have shown in Robert Walters. As a publicly quoted company, we are strongly positioned to realise the growth potential of our business. Morale is high within the company as we look ahead to exciting new market opportunities."

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This was first published in July 2000


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