FASHION chain New Look, which has more than a dozen outlets in Sussex, will have a £330 million price tag when it floats on the stock market.

The price means founder Tom Singh's stake will be worth around £110 million after flotation, confirming him as one of Britain's richest Asian businessmen. At the close of its share offer period the price was set at 165p per share -- in the middle of the range set last month. The offer of shares to City institutions was twice over-subscribed, a spokesman for the company said. "We were delighted with the response and very pleased to have some very high quality institutions on the share register," he said. The float will raise £82 million to fund the company's expansion while Mr Singh, who becomes buying director, will retain a 34 per cent stake via personal and family trust holdings. Dealing in the shares will begin on Friday. New Look was founded by Mr Singh at a single shop in Taunton, Somerset, in 1969.

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