Internet auction company QXL.com, which is to float on the stock market on 7 October, has undergone a huge fall in value. The second victim of the deflating internet bubble, the company was initially valued at £750 million but could now float for as little as £212 million.
The news comes after huge losses were reported in Freeserve, which yesterday saw share prices fall to below its initial flotation price as competition within the ISP market grows (see Freeserve Shares Fall Below Flotation Price).
QXL.com now set share prices for the float between 180p and 205p; the company’s value ranges from £212 million to £273 million.
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