shares fall 7% after completing London IPO

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LONDON (Reuters) -Shares in online furniture retailer opened 7% lower on its stock market debut on Wednesday, the latest company to suffer losses on its first day of trading in what has been a relentlessly busy year for stock market listings. company priced its London initial public offering (IPO) at 200 pence per share, the bottom of a previously announced price range, valuing it at up to 826 million pounds ($1.17 billion).

But shares opened 7% lower at the open and were down 5% at 0720 GMT.

Some European companies have struggled to get their IPOs over the line in recent weeks, with investors becoming increasingly picky about which deals they invest in. Some that have priced, such as France’s Believe, have struggled in the aftermarket.

In London, substantial IPOs from Deliveroo and Alphawave both tanked on their stock market debuts, and are trading well below their IPO price. raised 194 million pounds through its London listing while its shareholders sold a further 223 million pounds of shares in the deal.

JP Morgan and Morgan Stanley (NYSE:MS) were the global coordinators on the deal.

($1 = 0.7086 pounds)