Sports Direct: Sporting chance

Is the UK’s IPO market back open for business? Sports Direct, the chain that owns sports shops like Lillywhites, has priced its initial public offering at 300p, close to the top of its range. That suggests a valuation of nine times next year’s calendarised ebitda, or a 10% discount to the UK clothing retail sector. That might look reasonable. But given how unorthodox Sports Direct is, investors may be too forgiving. First the good news: Sports Direct couldn’t be more different from Debenhams, t...