Lastminute.com's share price performed a sharp about turn yesterday after its soaraway flotation.

After the shares had been issued at 380p they had reached 487p by the close of the first day, valuing the company at as much as £835m. But yesterday they slumped 75p, or 15%, to close at just 412p, a far cry from the first day high of 555p.

Furious investors complained in net chatrooms about the much hyped flotation as they watched the profits from their small sharehold ings disappear quicker than one of the online travel agent's package deals.

Some analysts blamed the decline on the negative feelings created by the allocation of only 35 shares each to 190,000 small investors.

In the chatrooms, small investors were vociferous. Myfyr Madoc-Jones wrote on interactive investor international's website that lastminute.com was "a load of hyped rubbish".

He wrote: "That is my opinion of this company, and what I believe to be the true underlying value of their shares."

Another user of the iii.co.uk site, Daz Barry, said: "It is not the disappointment of having so few shares that pisses me off but having the capital tied up somewhere."

However, some smaller investors are unlikely to sell in large numbers given there would be little or no profit after fees and stamp duty. Retail investors cannot yet trade their shares anyway.

As well as travel deal, the company, which is not expected to be profitable until 2004, also sells gifts and theatre tickets, and markets restaurants.