LONDON: The overwhelming success of Text 100’s debut on the London stock market last week should give the PR industry a shot of confidence as it enters the new millennium.
LONDON: The overwhelming success of Text 100’s debut on the London
stock market last week should give the PR industry a shot of confidence
as it enters the new millennium.
Text saw its share price rocket from about dollars 5 at the end of its
first day to over dollars 8 two days later. The financial community’s
embrace of the agency is being hailed by analysts as a defining moment
in the growth of the PR industry.
’City sentiment about PR agencies has definitely changed,’ said Alan
MacKenzie, CEO of corporate financier ARM, which brought the company to
market.
Previous public listings by PR agencies have not been as successful.
Shandwick, for example, was sold to Interpublic after facing public
pressure to change its management and seeing its share price fall to
dollars 7 on the London stock exchange.
