Ocado chief executive Tim Steiner rather gracelessly laid into independent City analysts after last week’s lacklustre IPO, following which the online grocer’s shares immediately fell below the opening price.

Ocado chief executive Tim Steiner rather gracelessly laid into independent City analysts after last week’s lacklustre IPO, following which the online grocer’s shares immediately fell below the opening price.

He talked about “a number of reports from very small securities houses who were happy to get their name into print”, implying that critical comment from unconnected analysts was uninformed and publicity-driven.

But the involvement of unconnected analysts in the Ocado debate proved pivotal. In the event, many of the arguments they put forward exerted a powerful influence on sentiment. That sentiment was less enthusiastic than Steiner might have liked, but that is the point. Ocado had eight banks on its IPO ticket and there was little, if any, contact with unconnected analysts.

It all seemed a bit cosy but the contribution of the unconnected analysts helped blow apart that smug consensus and so allowed potential investors to better weigh up the merits and risks of buying into Ocado.

The trend of bringing as many banks as possible on board for an IPO and expecting everyone else to shut up and watch from the sidelines looks as if it has been blown out of the water - at least as far as the retail sector is concerned. There is a message there for New Look, which is waiting in the wings to renew its IPO attempt.

Dixons, phones and service

Following a successful pilot, Phones 4U is to open shop-in-shops in DixonsCurrys and PC World shops - at least 50 this year. It sounds like a good idea, but needs to be managed carefully.

Dixons has spent a lot of energy getting away from its reputation for aggressive selling. Phones 4U had a similar reputation and has recently made an effort to improve service by changing its bonus structure. Phones 4U may have upped its game, but Dixons needs to ensure its standards are met otherwise its reputation will suffer.