The spread-betting firm founded by the former Conservative party treasurer Peter Cruddas has been valued at £691m by the share sale, towards of the bottom of the range announced last month of between £678m and £794m.
CMC’s stock fell from 240p to 235p in early conditional trading in London. The company’s long-awaited float is one of a handful of large initial public offerings (IPOs) to make it to market this year in the midst of fractious trading and a 5.75pc fall in the FTSE 100 index.
However, the company has said the ongoing market volatility is boosting its business, as its trading clients try to profit from the fast-moving markets.
Now the firm has gone public, Mr Cruddas and his wife together own 62.5pc of the company, down from 90pc, while Goldman Sachs has cut its stake from 10pc to 4.99pc.
The sale has produced a £190m windfall for Peter and Fiona Cruddas, while Goldman has taken almost £35m out of the company, which it backed in 2007. About £15m in new funds have been raised for the firm.
The biggest shareholders could reduce their holdings further if there is enough demand in the market to sell a further 15pc, in what is known as an over-allotment option.
CMC said its most active trading customers had taken the full allocation of shares set aside for them, although it did not spell out how much of the company they will own.
"Today marks a significant milestone for us all at CMC and I am incredibly proud of and grateful for the hard work of all of our employees in building CMC into the successful business it is today,” said Mr Cruddas.
"Our performance since the start of 2016 continues to be strong, helped by the ongoing market volatility, and we start our life as a public company well-positioned for continued growth," he said.
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