Ivanhoe sinks

DESPITE Robert Friedland’s spruiking efforts, Ivanhoe Australia’s debut today on the Australian Securities Exchange was officially a flop, with the company opening at a 20% discount.

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The company’s shares were valued at $2 each in its $125 million initial public offering, but debuted this morning at $1.60 – before sliding another 10c or 5% down to $1.50.

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