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SG Fleet Group Limited (ASX:SGF) has taken a hit on debut, sinking a disappointing 13 per cent since Monday's IPO.
There were originally high hopes for the float, handled by Goldman Sachs and Morgan Stanley, with the initial indicative price range set above $2.06.
However, investor concerns about changes in legislation and tax concessions on car leases prompted a price cut of about ten per cent to $1.85.
Majority shareholder, the South African-based Super Group, has pledged to maintain its 51 per cent controlling stake whilst private equity group Champ Ventures sold out of its 41 per cent holding.
The oversubscribed IPO raised $188.6 million before the shares traded.
Shares in SG Fleet traded 6.09 percent lower at $1.61 yesterday.
