Shares in Australian online Sales site MySale tumbled 27% on its stock market debut yesterday (June 16), after they were listed in pounds rather than pence.
The etailer, of which Sir Philip Green owns 25%, started trading on London’s Alternative Investment Market (Aim) with a listed share price of £2.26 rather than 226p, which some automated trading programmes interpreted as 2.26p, sparking a sell-off of stock in reaction to the low price.
Shares slumped to a low of 166p on the day but by the close had rallied to 210p, 7% below the offer price.
The shares will be listed at the correct price from today.
Shares in young fashion website Boohoo.com and other etailers fell yesterday due to the fallout from the pricing blunder.