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Online Retailer AO World Surges on London Trading Debut

AO World Plc, a U.K. online appliances seller founded 14 years ago, surged on its first day of trading in London as investors scrambled to increase their exposure to the growth of Web-based retailing.

The shares traded as high as 412.25 pence in London, 45 percent above the 285-pence initial public offer price. They were at 388 pence as of 3:40 p.m., giving the company a market value of about 1.6 billion pounds ($2.7 billion).