Online electronics retailer Kogan has made less-than-thrilling market debut, with stock values dropping 12 per cent.

“Obviously a disappointing debut, the IPO [initial public offering] in terms of itself was quite high relative to traditional bricks and mortar retailers,” Daniel Mueller, senior equities analyst at Forager Funds (which did not participate in the float) told reporters.

Kogan launched its IPO to raise $50 million earlier this year.

It reportedly plans to use the new money for growth; investing in new products and categories.

Kogan’s debut is not entirely different to the unsuccessful floats of other Australian retailers, including Dick Smith and department store Myer.

Myer's shares have rested around a quarter of their listing price, while Dick Smith is closing doors around the country following its dramatic collapse.

“I think with some of the retailers they have had some of the structural headwinds - the impact on retail in the last ten years - that fragmentation of bricks and mortar to online and also just that proliferation of competition - they're very competitive spaces,” Mr Mueller told the ABC.

“Kogan with an online only model has a very strong brand awareness and competitive position but, in saying that, online there's very few barriers to entry and there's not a lot to stop other retailers from opening up their own online stores.”