British retailer Woolworths will go straight into London's main index of mid-sized firms next Tuesday when it makes its debut as a listed company, replacing fallen Internet star Baltimore Technologies.
Woolworths, being spun off by Kingfisher, is set to become independent after shareholders vote on the demerger at an extraordinary general meeting today.
Index compilers FTSE said today Woolworths had a market value of £300 million sterling, based on Kingfisher's closing price yesterday, putting it into the FTSE 250.
Baltimore, which at its height was in the FTSE 100 index of blue-chip companies, has been one of the highest profile victims of the technology downturn, with its share price down 98 per cent from its peak last year.
The company was twice included in the FTSE 100 index of blue-chip stocks during 2000, but was ejected for a second time last December, while its market capitalisation has fallen from a peak of £5.5 billion to around £120 million.
Earlier this week it announced it was cutting hundreds of jobs and trimming its business as part of a survival plan. It will also delist from the Nasdaq exchange from the end of next month.