Carphone Warehouse in £2bn Wednesday float

The British phone retailer's founder 47% stake could make him an overnight billionaire.

Britain's biggest independent phone retailer Carphone Warehouse will float on the London Stock Exchange on Wednesday. The move will give the group a market capitalisation of around £2bn (E3.2bn) and could make founder and CEO Charles Dunstone a billionaire.

Chief operating officer David Ross stands to reap a paper fortune worth half a billion pounds.

Dunstone, Ross and planning and logistics director Guy Johnson together hold 94% of the company stock. By funding growth internally – turnover hit £689m last year – they have not been forced to give equity to private investors in return for expansion capital.

Credit Suisse First Boston will co-ordinate the IPO, and Morgan Stanley Dean Witter has been appointed as joint lead manager.