Ocado shares lose more than 10% of value since stockmarket launch
Submitted by Chloe Rigby on July 23, 2010 – 12:15 pmNo Comment
Online grocery retailer Ocado has finally made its stockmarket debut, though so far its shares have lost in value.
The company, which primarily sells Waitrose goods, listed on the London Stock Exchange on Wednesday at 180p per share. Today shares were trading at 155p, a fall of 13.89% since launch.
According to Bloomberg data cited in The Telegraph, Ocado’s first day of trading, in which its shares lost 7% of their value, was the worst first day for a London IPO since 2008.
The company had previously aimed for a stockmarket flotation at between 270p and 275p, which would have valued the company at up to £1.1bn.
The flotation was only open to existing customers, employees and institutions.
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