Shares in Egg, the online bank which floated last month, slumped below their issue price this week. It's a useful reminder that not all floats are priced to go up. Even popular, well-managed brands can be vulnerable to souring sentiment. That's food for thought as Carphone Warehouse taxis on to the new-issue runway. Individuals need to get their applications in by Tuesday.
Institutions have another couple of days to make up their minds.
It's a tough call. No one disputes that CW is a good company. It has a sparkling track record, on average more than doubling underlying earnings each year for 10 years. The impressive duo of Charles Dunstone and David Ross have expanded the business from one shop to 882 with barely a stumble. No one disputes the galloping growth prospects of the industry.