shares crash 8% on stock market debut marking latest LSE flop’s share price dropped as much as eight per cent during its stock market debut yesterday as it became the latest company to launch a disappointing initial public offering (IPO) in London.

Shares in the ecommerce furniture giant fell to lows of around 182p in its first few hours of trading yesterday, representing a near 10 per cent drop on its opening price of 200p.

Its issue price of 200p was already at the very bottom end of its previously announced price range, valuing the company at up to £775.3 million.’s shares were reportedly trading for around five hours before it released its prospectus, which revealed that the company, which has not yet turned a profit since launching in 2010, made a loss of £1.8 million in the first three months of 2021.

Its share’s recovered slightly since the initial dip, but still remained below its opening price, while unconditional trading of its stock is due to start next week.

While blamed IPO fatigue to its poor debut performance, following disastrous London stock market debuts from Deliveroo and Alphawave in recent months, alongside more successful listings of Moonpig, Trustpilot and Darktrace, some investors have blamed an intensely competitive market.

Others have pointed to’s relatively small size, preventing major US and European hedge funds from investing.

READ MORE: confirms £775m price tag in London IPO

Like Deliveroo, which is still struggling to increase its share price after what has been dubbed the “worst IPO in London’s history”, was encouraged to float following a boom in trading during the pandemic.

“ aims to capitalise on the accelerated shift to e-commerce and the high demand for home makeovers witnessed over the pandemic,” Hargreaves Lansdown’s senior investment and markets analyst Susannah Streeter said.

“But timing is everything for an IPO, and its arrival as a new piece of stock market furniture comes after two disappointing debuts in the form of Deliveroo and Alphawave IP.

“With high street retailers firmly back in business there is also now greater competition in the furniture space.

“Other data from the ONS suggests that spending on so called ‘delayable’ goods like furniture has waned a little since the big spending spurt in April.  There is also plenty of rivals in the online home space, with Dunelm and DFS likely to continue to be tough competition.”

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