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"...

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.

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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."

This was last published in July 2000

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