When Biffa got its discounted initial public offering away last October as other companies were pulling floats, the waste management company said that it was an endorsement of its business. Bears said it showed the lengths that a trio of private equity companies had gone to in ensuring it got away.
The shares were priced at 180p, lower than an expected range of between 220p and 270p, and drifted below that price as dealings began.
Biffa has since published two sets of results, including its full-year numbers yesterday. They were broadly in line with expectations, with underlying operating profit growth but a deeper statutory loss, mainly because of IPO fees.
Brokers were talking up the reassurance the figures would provide to investors, while executives said