Question
LuxRide is a small luxury ridershare company. We were founded in 2010 by a team of data scientists from the United Kingdom. Our mission is
LuxRide is a small luxury ridershare company. We were founded in 2010 by a team of data scientists from the United Kingdom. Our mission is to change people's experience of transport - moving away from mere convenience and practically into a luxurious and unforgettable experience, allowing everyday individuals to arrive at their destination in style. We began life as a small start-up and have grown into a publicly traded company, after our initial Public offering in 2014. After our flotation, we have continued to grow in the UK and our current share price is 160 pence at time of publication.
LuxRide prices at 124 pence per share today after an Initial Public Offering (IFO), valuing the firm at 139m. Its biggest backer StanCorp is selling 80 precent of its holdings and will be left holding 9 percent of the firm's shares.
The founders will sell 50 percent of their shares and be left with 22 percent of the firm. Finally, GBO, the last of the firm's backers is selling 18 percent of its shares, leaving them with 9 percent of the firm. After the IPO, 60 percent of LuxRide's stock will be sold. The shares are being sold for 83.4m.
Markets had expected 45 percent of the stock to be available, but high demand pushed the sale up another 15 percentage points.
it is understood that investors would have bought more, but StanCorp was keen to hold on to some of the company. The entire offering was covered by the UK funds, without the need to tap up overseas buyers.
Question:
What was the founders' stake worth when these figures were published?
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