Yell lowers IPO expectations

NEWS The UK's telephone directory service Yell has said it is planning to raise £750m cash from its flotation in early July. The company is still going ahead with its IPO despite the prevailing stormy market conditions. The company was earlier this year hoping to raise as much as £3.5bn from investors, but has since lowered its expectations. The directory service, spun off from BT last year, will be by far the biggest IPO seen in London this year. Yell said it will be using the money raised to repay debts. The FTSE index was up this morning by 29.3 points to 5181.2 at 10:00(BST). Tech stocks were performing strongly this morning in London, led by Psion up by £5.25 to £62.75 and Marconi, up 50p to £7.75.