Ocado has lowered the anticipated price range for its IPO to between 180p to 200p.

The online grocer had originally set the price range at between 200p and 275p and valued the business at between £800m and £1.2bn.

Ocado will publish a supplementary prospectus “in due course” to reflect the revised price range, it said in a statement today.

It added that full details of the effect of the revised price range will be outlined in the supplementary prospectus, which “must be read in conjunction with the [original] prospectus”.

Ocado has come under intense criticism regarding its valuation as it has not yet made a pre-tax profit.

Some analysts suggested that Ocado is worth no more than £500m, while Arden Partners analyst Nick Bubb told Retail Week last week a share price of between 160p and 180p would “save some face” for the management.

Ocado has been bullish throughout the process and sources close to the company said the team, led by chief executive Tim Steiner, had been well received by US investors.

The lowering of the price range comes just hours before it was due to announce its final share price. However, the timing is not thought to have been interrupted by the price change. It is thought the take up from customers has been slow, at between £6m and £10m, below the £50m expected. Customers will now have until Friday to withdraw their application if they want to. However, this will not affect the process as these shares will be underwritten by the banks, who will be issued their shares ahead of the customers.

Investors have driven hard this year with companies such as New Look pulling its proposed float, and last week oil firm Fairfield Energy postponed its flotation.

Ocado wants to raise £200m in new shares to invest in a second warehouse in the midlands.

According to Sky News, Steiner has abandoned plans to sell part of his shareholding, which will be reflected in the new prospectus. It is thought he believes the new price range does not reflect the value of the company.