Shares in German web hosting company IONOS dipped below the price of its initial public offering (IPO) on Wednesday after Europe's first major stock market debut since Porsche in September.
General view of the German stock exchange market during the initial public offering IPO of German web hosting company IONOS in Frankfurt, Germany, February 8, 2023. REUTERS/Wolfgang Rattay
LONDON, Feb 8 - Shares in German web hosting company IONOS dipped below the price of its initial public offering on Wednesday after Europe's first major stock market debut since PorscheShares started trading at 18.40 euros apiece and were changing hands at around 18.00 in morning trading. Books closed on Tuesday with a, was seen as a test for market sentiment after IPO activity all but ground to a halt in 2022.
The offering was oversubscribed multiple times at the bottom of the proposed valuation range of 18.50 to 22.50 euros per share, in a sign that markets may be cautiously opening up to new entrants. A meaningful portion of orders came from hedge funds in the run-up to the listing, a source close to the matter said before books closed on Tuesday.
The deal piqued the interest of a significant number of investors, with roughly 750 meetings set up to market the IPO, the source added.
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