Retailer puts on a brave face
Photographic retailer Jessops got off to a disappointing start today as it launched its initial public offering on the London Stock Exchange.

The shares floated at 155p, valuing the company at£160 million, compared with Jessops' indicative price last week of 185p to 200p. By 11.30 am GMT, the shares had dropped below 150p. Fear of increasing competition from the likes of Argos, Dixons and Boots is thought to have weighed the shares down.

Jessops chief executive Derek Hine put on a brave face, saying: 'We are delighted that the global offer has been successfully completed despite the uncertain stock market conditions for IPOs.'

ABN Amro managed the IPO. The banker's buyout unit will keep an 18 per cent stake in the company. Approximately 75 per cent of shares will be publicly traded and the remainder will be held by management.