Temple & Webster’s $61 million initial public offer was oversubscribed, with shares issued to institutional and retail investors at $1.10 each. They fell as much as 37c to 73c on Thursday before closing at 90c. This share price plunge left Temple & Webster’s market value at $95 million (with an original pre-listing value of $116 million).
The four-year-old retailer is trying to shake up the $12 billion homeware and furniture market by proving that customers do not need to touch before they buy.