Photo credit; Dan DeChiaro on Flickr
Australian online comparison company iSelect Ltd said recently it would miss its revenue target for the first half of fiscal year 2014 and revealed that its chief executive, Matt McCann, who had been with iSelect for six years, had resigned just four months after taking the firm public.
iSelect has lost almost 30 percent or about A$120 million ($113.56 million) of its market value since its June listing as earnings missed prospectus projections, raising doubts about the firm’s management of its initial public offering.
“They missed the mark in terms of expectations. There are issues around the whole IPO process – over-promised and under-delivered,” said Peter Esho, chief market analyst at Invast Financial Services.
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