MySale supported by Ashley stake

MySale shares have stabilised after Monday’s trading error and Mike Ashley’s shareholding.

Sports Direct sign
Source: Bloomberg

MySale is trading at 206, up 2.4% within today’s trading session. The Australian online fashion firm made its debut on the London Stock Exchange on Monday, but its first day didn’t go exactly go to plan; a misplaced decimal point leads to the shares appearing on screen at 2.26 when it should be been 226.

Philip Green of Topshop, an early investor in the ecommerce business, holds a 22% stake in the company, which specialises in flash sales. Mike Ashley of Sports Direct has also acquired a 4.8% stake in the firm; this shareholding should pave the way for joint ventures between the two companies, and give Mike Ashley exposure to Australasia.

A trading glitch occurring immediately on the open of an IPO isn’t ideal, but having two major names of fashion attached to the company should help reassure investor confidence.

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