Glencore, Pandora, Samsonite, Prade: IPOs gone sour

Just a quick post to mention that Pandora opened at $26 yesterday and dropped 30% intraday closing at around $18. It is now trading at $16.

Glencore opened on the IPO day at 560 pence and is now trading at 460 pence.
June 16 (Bloomberg) -- Prada SpA cut the maximum amount it is seeking in an initial public offering, and Samsonite International SA dropped in its Hong Kong trading debut on concern China’s monetary tightening may damp economic growth.

Samsonite, the world’s largest branded-luggage maker, slumped as much as 11 percent to HK$12.96, from the initial public offering price of HK$14.50, and traded at HK$13.50 as of 2:39 p.m. local time. The suitcase maker raised $1.25 billion in a scaled-back IPO last week.

Prada, the Milan-based luxury-goods maker, narrowed the price at which it is offering its shares to between HK$39.50 and HK$42.25 each, according to two people familiar with the matter. That compares with a range of $HK36.50 to HK$48 earlier, according to the IPO prospectus. The revised guidance means Prada could raise as much as $2.3 billion, down from $2.6 billion previously.
I hope you didn't touch these toxic IPO.

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