lastminute.com shares sink

Hot debut stock settles nearer to IPO price

Shares of lastminute.com, which surged on their debut on Tuesday, sank in morning trading today closer to their floatation price.

By mid-morning, the shares, which launched at 380p, had dropped from a Tuesday high of around 532.5p to about 400p. The initial price was, however, near the top of the possible price range. Shares closed at 412p.

lastminute, which sells reduced-price travel packages and merchandise to impulse buyers, has been one of the most hotly-anticipated initial public offerings (IPOs) in the UK Internet space, along with such companies as service provider Freeserve and entertainment content provider 365.

The shares will be trading on the unofficial "grey market" until next Tuesday, when they will become available on the London Stock Exchange.

The lastminute.com flotation caused shares to jump, Guy Kewney knows it is all going to end in tears. Go to AnchorDesk UK for the news comment.

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