Blunder Hits Sir Philip Green's Market Return
An apparent pricing mistake has marred the stock market debut of an online flash sale retailer backed by TopShop owner Sir Philip Green.
Sir Philip, the billionaire behind Arcadia Group, ploughed £48m into Australian firm†MySale ahead of its flotation on the Alternative Investment Market, giving him a 25% stake.
But analysts said it was priced at 2.26p rather than 226p†- in pence rather than pounds - with the broker handling the sale, Macquarie, being blamed.
Shares fell by almost 30% in early trading but later recovered most of the lost ground by late Monday with Sir Philip - known for his ability to deliver a sharp dressing down - apparently shrugging off the blunder.
The Times quoted him as saying: "I had forgotten what fun all this nonsense was".
The listing marked a return to the stock market for Sir Philip after an absence of 20 years.
His Arcadia Group has an interest in the success of MySale, agreeing a deal to flog excess stock to the Sydney-based online retailer.
The listing gained further traction on Tuesday trading - the share price doubling on Monday's close by 1400 BST.