Online jobs marketplace provider Freelancer.com (FLN) is the best performing new float that raised $10 million or more when it debuted with a stunning 400% surge at noon today.
Shares in the company opened at $2.50 a share, $2 above its float price, before sliding to $1.85 after the first 20 minutes of trade. This puts the market cap of the company at around $806.6 million.
While Freelancer is only a small company, investors have been drawn to the growth prospects of its market-leading online technology, which provides a tool for companies and freelancers to connect with each other.
Freelancer's IPO for $15 million was heavily oversubscribed as investors scrambled over the 6.9% of the company on offer. Chief executive Matt Barrie is retaining 46% of the company, while venture capitalist Simon Clausen is keeping 38.5%, with the remainder handed over to Freelancer employees.