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Just Eat shares tumble as investors sell large stake
TAKEAWAY website Just Eat’s shares dived yesterday after investors sold a 7.7 per cent stake in the business, which floated this year.
Its stock has climbed since the initial public offering, rising from 260p on their launch in April to a peak of 350p a week ago. But yesterday it tumbled 9.49 per cent to 307p.
SM Trust, Vitruvian Partners and some Index Ventures funds had planned to sell shares amounting to an eight per cent stake, selling 7.7 per cent.
“Looking at the market heading into the new year, people will probably realise the valuation is not all it is made out to be,” said IG Index’s Chris Beauchamp. “The sellers should be pleased they got out when shares were close to their peak.”