(Reuters) - Shares of SoftBank-backed Vir Biotechnology Inc fell as much as 28% in one of the worst market debuts in recent months, adding to the gloom in the IPO market after WeWork's failed attempt to list its stock.
Vir's disastrous IPO deals another blow to Japan's SoftBank, which is still smarting from the botched initial public offering of WeWork last month following increased investor skepticism regarding the office-sharing startup's path to profitability.
SoftBank's $100-billion Vision Fund owns 19.8% of Vir after the offering, a slight decrease from its pre-IPO stake of 21.2%. (https://bit.ly/318hWfg)
Investors and experts tracking recent IPOs believe companies thinking of going public in the next 12-18 months would be extremely wary of the recent backlash against loss-making firms.