Tinkoff drop knocks London IPO market

Russian credit card provider and UK insurers sink after flotations, as more IPOs begin to trade down

After a strong run for initial public offerings in London, an increasing number are beginning to trade down in the aftermarket as the year comes to a close.

Tinkoff Credit Systems, a Russian credit card provider that completed a London flotation last month, was down by more than 50% in early trading this morning on its offer price of $17.50 set on October 22.

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