More like this
Ocado shares slump on first day of trading
Business Digest: Value plunges despite a last- minute cut in the online grocer’s IPO price
Shares in online grocer Ocado slumped on their first morning of trading on the stock exchange, prompting fears that the retailer's valuation was too high - despite a last minute cut in the IPO price.
The shares opened at 180p but soon fell to a low of 155p, before rallying slightly. That fall came on top of a dramatic 11th hour reduction in the IPO price from 200-275p to 180-200p on Tuesday night.
The company, which sells Waitrose groceries on the internet, would have been worth £1.2bn under the original IPO price, but is now worth much less and Ocado's stock is trading some 40pc below the top of its indicative price range earlier in the week.
Read a full report at the Daily Telegraph. ·
