Deliveroo's float on the London stock market was one of the City's most eagerly-awaited events. Investors had hoped shares would soar – but instead watched them plunge by a stomach-churning 30 per cent when trading began.
They recovered a little, but the firm's stock market debut was, in truth, nothing more than a big fat Flopperoo.
It is certainly an expensive disappointment for founder Will Shu, whose holding is worth far less than he had been expecting – though, admittedly, it is still stupendous.
It is also a let-down for the Square Mile, which is hoping to reinvent itself, post-Brexit, as a honeypot for tech companies whose shares have soared during lockdown – to the point some fear a bubble about to burst. Deliveroo has its own problems. But its dreadful first day was a wake-up call for investors about the dangers of tech stocks.
It is possible Deliveroo will still come good. Ocado's share …