The initial public offering of Halfords, the UK car and cycling products retailer, seen as test of continued investor appetite for IPOs from private equity firms, was up 2% in early trading after pricing towards the bottom of its indicative range.

Shares were issued at 260p in the £267m (€400m) offer compared to the indicative range of between 250p and 300p as the deal was three times covered. It gives Halfords a market capitalisation of £593m.