Shares in Australia's largest department store chain Myer Holdings Ltd. plunged 8.5 per cent on their stock market debut.
Shares in Myer started trading at $4.10-a-share on Monday, but closed at $3.75-a-share, losing 35 cents.
Speaking his mind, Karara Capital’s Akshay Chopra said, “It might put a bit of pressure on the valuation band, and pricing that is expected or achieved, for investors to be persuaded.”
Myer’s main rival David Jones closed at $5.25, down 2 per cent.
The All Ordinaries index closed at 4,546 points, down 2.2 per cent, while the ASX 200 shed 103 points to close at 4,540 points.
Myer’s float proved to be a negative sign for the pending IPOs.