Australian online retailer Kogan has floated on the Australian share market today and quickly slumped in a volatile debut.
According to ABC, Kogan shares dropped well below their initial offer price of $1.80, down nearly 12% to a low of $1.495 a few hours after trading begun. The cash injection from the float will be used to invest in new products and product lines. The company forecasts sales of $241 million this year and earnings of $6.9 million.
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