FILM studio Pinewood Shepperton was a star performer on its stock market debut with shares forging ahead.

Demand for the group behind the Harry Potter films and a string of Oscar-winning classics was so strong that its shares were oversubscribed at 180p.

This led to investors rushing to buy the stock on the first day of conditional dealings, with shares closing at 200p.

The group, which owns the Shepperton studios in Staines, Middlesex, and Pinewood studios in Slough, Berkshire, was given a market value of £82.5m by the listing.

Michael Grade, Pinewood chairman, said he was delighted by the response from investors.

"Pinewood Shepperton is a household name in the film and television industry and we look forward to developing our reputation as a public company," he said.

Proceeds of £46.2m from the placing of shares will be invested in the business.

The company was formed after a management team led by Mr Grade bought Pinewood Studios from the Rank Group in 2000 and then purchased Shepperton Studios in February 2001.

Shepperton began making pictures in 1932 and has produced more than 700 films, including The Guns Of Navarone, Gandhi, Four Weddings And A Funeral and the latest blockbuster romantic comedy Love Actually.