This huge cruise port operator launches a £465m IPO in London today

Here's a flotation that can't sink: Global Ports Holdings (GPH), the world's largest cruise ports operator, has unveiled the pricing for its mammoth £465m IPO in London.

The company, which operates 14 ports across eight countries and counts Lord Mandelson among its non-executive directors, said it will price shares at 740p when shares begin conditional trading this morning, at the lower end of the 735p to 875p range it mooted earlier this month.

The company will list a 33.2 per cent stake, worth £154.5m. It said it will use the £51.7m it raises to develop and expand its cruise business.

Last month chief executive Emre Sayin told City A.M. Istanbul-headquartered GPH had chosen London because of its "sophisticated" market.

"We looked at a number of locations for listing and London has the best access to capital and very sophisticated investors that fit with the sort of company that we are.”

Today he added: “We have been very pleased with the strong interest in our offer, and we would like to thank our investors for supporting us during this exciting time for our business.

"We are proud of our unique business model and ambitious plans for the future, which will create value for all our stakeholders. We look forward to delivering on our strategy and continuing to explore new growth opportunities.”

Earlier this week London's hopes for more avocado brunches were dashed when it emerged Pret A Manger is considering an IPO in New York.

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