After an issue price of 12 euros per share, the stock dropped to 10.84 euros shortly after opening in Frankfurt, according to Reuters data. The company was originally priced at the bottom of its range and the IPO reportedly values the company at 2.3 billion euros.The market debut echoes the fortunes of caravan maker Knwaus Tabbert earlier this week, which was also priced at the bottom end of its range and saw shares slide as they begun trading.
Traders monitor financial data near the downward trajectory of the DAX Index curve inside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Monday, March 2, 2020.
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