London’s Newest Listing Flop Ranks as Worst IPO of The Year
- CAB Payments plummets 75% less than four months after listing
- Firm joins long list of London stocks that plunged after IPO
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The troubles keep piling up for new London listings. A 75% plunge in shares of CAB Payments Holdings Ltd. on Tuesday means the processor of currency transactions now ranks as the world’s worst major initial public offering this year.
The firm, which was valued at about $1 billion when it listed in July, plummeted after saying it had been hit by changes to conditions in some “key currency corridors.”