Ocado floats

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British online grocer Ocado has raised about £200m from its initial public offering.

The money will be used to start building a second distribution facility in the West Midlands as well as pay down debt, and increase capacity in its existing distribution warehouse.

Shares were listed at 180 pence a drop from a previous target of 200-275 pence which would have valued the company at over £1bn. Shares dropped to as low as 153 pence during trading before closing at 167 pence on Wednesday.

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