University Dropout becomes Billionaire

July 13, 2007 at 1:07 pm Leave a comment

Internet entrepreneur Simon Nixon moved closer to gaining a huge windfall yesterday when details of the flotation of Moneysupermarket.com were published. Mr Nixon, 39, is on track to receive almost £127m in cash if the price comparison site floats at the top of its proposed price range of between 170p and 210p a share.At 210p, the offering would value Moneysupermarket at just over £1bn. Some analysts have already put a billion-pound valuation on the company, which provides information on financial products such as loans and insurance. It had a turnover of £104.5m in 2006.

The flotation is scheduled for July 31, when Mr Nixon, a former university dropout, will sell 60.3m shares. He plans to retain 275m shares, which at 210p a share would be worth £577m, though he could sell a further 30m if the flotation is oversubscribed.

He set up the company with Duncan Cameron in 1998, before falling out with his co-founder. In June he bought most of Mr Cameron’s shares for £162m, paving the way for the flotation. Mr Cameron plans to sell his remaining 22m shares

See http://technology.guardian.co.uk/news/story/0,,2124306,00.html

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Entry filed under: Internet Startup.

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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