Sports giant achieves top-end value near £2.2bn
The UK's largest sports retailer Sports Direct has priced its initial public offering (IPO) at 300p a share, giving it a market capitalisation of almost£2.2 billion and netting£929 million for founder Mike Ashley.

The IPO price was at the top end of company forecasts, set between 250p and 310p a share.

Sports Direct chief executive Dave Forsey said: 'We have enjoyed telling investors about the success of Sports Direct and are delighted that so many of them have chosen to take part in the offer. This is demonstrated by the quality of the shareholder register.

'Sports Direct is an exciting and dynamic business. The management team will continue to focus on delivering strong growth in both our retail and brands businesses.'

Mike Ashley will retain 57 per cent of the group. The company said he has committed, subject to certain exceptions, not to sell any of his remaining holding for two years.

Unconditional dealing in Sports Direct shares will start on March 2.