There was more woe for Saga (LON:SAGA) investors as one of the world's largest hedge funds has bet against the shares rising by taking a short position.
The over 50s insurance and holiday firm started uncondititional trading on May 29 in an IPO, which has been a disappointment from the off.
Floated at 185p - already at the reduced end of the planned pricing - the stock has dropped almost 7% below that - wiping 19mln off the value of shares held by small investors.
Hedge fund GLG Partners has taken a 0.61% short position in the group, it emerged.
That is when the stock is loaned to the 'shorter' and promised to be returned at a later date.
The shares are sold and the money from the sale credited, but when the 'short' is closed the hedge fund in this case must buy back the shares and return them. And if the share price has dropped, the amount paid will be less and therefore a profit is made.
Interest ahead of the Saga IPO was great as trading in the grey market showed. But initial fervour weakened as demand for the shares dropped before the day of the big float.
As well as insurance and holidays, Saga has also moved into health care and serves a demographic, which is rapidly growing in the UK.