Aston Martin and Funding Circle shares continue to fall after IPOs
Shares in Aston Martin and Funding Circle continued to slump today following disappointing debuts on the London Stock Exchange yesterday.
Luxury car maker Aston Martin saw shares slip 1.89 per cent to £17.75 this afternoon, before rallying to £18 as the market closed.
Read more: Aston Martin stutters on stock market debut as shares slip
Yesterday prices dropped as low as £17.75 after opening at £19 a share, and the company was valued at around £4bn, short of the £5.1bn it had aimed for.
Meanwhile, shares in peer-to-peer lender Funding Circle have dropped 6.85 per cent from 365p to 340p.
The fintech company listed at 440p when the market opened yesterday, but at one point fell more than 24 per cent below its initial price target.
Commenting on the IPO yesterday, Funding Circle investor Jon Moulton told City PM that “people clearly thought it was overpriced”, but “as a shareholder [I] clearly hope – and expect – operating success [to] drive the share price higher.”
“Longer term the prospects for Aston Martin will be determined by its ability to ramp up production, without compromising the exclusivity of the brand,” Hargreaves Lansdown senior analyst Laith Khalaf added.
Read more: Aston Martin narrows IPO price range