Elite rower turned Step One bamboo underwear entrepreneur Greg Taylor made $41.3 million selling 27 million shares at the $1.53 float price when his four-year-old company listed in November. It’s more than the whole shebang is worth these days.
On Monday, Step One’s share price fell 55.2 per cent to 22¢. Its market capitalisation is now $39 million, after it slashed in half the $15.1 EBITDA guidance made in its October prospectus. Taylor’s remaining 123 million shares are currently worth $26 million, or 85 per cent less than they were the day Step One debuted.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
