Poor Sales at Slated Namibian Elephant Auction
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Elephants To Be Sold For $7,000 In Controversial Auction In Namibia
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Deliveroo shares still look expensive to me
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It’s been a depressing month so far for shareholders in
Deliveroo(LSE: ROO). The online food-delivery service floated its shares to great fanfare on Wednesday, 31 March. With the shares priced at 390p each, this valued the group at £7.6bn. But the Deliveroo share price collapsed right from the off and kept plunging in April.
Deliveroo shares dive
Unlike most other IPOs (initial public offerings of shares), Deliveroo failed to deliver a first-day share boost. Instead, Deliveroo shares dived, hitting a low of 271p, before closing at 287.45p. That’s a first-day crash of more than a quarter (26.3%). By Monday, 12 April, the Deliveroo share price had declined another 20p, closing at 251p.
A damning report by an influential City firm has warned the value of loss-making Deliveroo could plummet by another £1.8billion, raising fears over how the company has been governed.
The stock price has already dived by one third since Deliveroo s disastrous stock market launch on March 31 – prompting critics to brand the firm Flopperoo .
About 70,000 small investors, tempted by an invitation to buy shares before the float, lost heavily after taking initial stakes of up to £1,000 each.
The Analyst has warned that Deliveroo s dire performance may worsen. (Pictured: Deliveroo workers from the IWGB striking on the first day of trading on the stock exchange)