Hong Kong-based IGM Mobile, the first Chinese mobile technology group to list on the Alternative Investment Market (AIM), had a bad first day at the market on May 24. The Far East-focused mobile phone group lost almost a quarter of its value based on its issue price of 51.5 pence. It had raised around ??9.94 million via Libertas Capital, its nominated adviser and broker, after selling 19.2 million shares at 51.5 pence per share. With around ??8.2 million going to the company, the group was initially valued at around ??40.2 million. However, this quickly came down to ??30.4 million when the share values sank to 39 pence each.
