UPDATE 2: iSelect IPO tumbles on debut

Newly listed iSelect (ISU) has been pummelled on its first day of trade as investors react negatively to the Australian Stock Exchange’s second major float in two weeks.

Newly listed iSelect (ISU) has been pummelled on its first day of trade as investors react negatively to the Australian Stock Exchange’s second major float in two weeks.

The insurance comparison group dived by 15.7% to close at $1.56 – its lowest price over the course of the day – from its initial offer price of $1.85.

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