July 2, 2019 / 7:43 AM / 2 months ago

Global Fashion Group shares fall after stock market debut

BERLIN (Reuters) - Shares in Global Fashion Group (GFG) (GFG.DE) opened at 4.47 euros ($5.05) on Tuesday before dipping to 4.34 euros at 0727 GMT on their first day of trading following their stock market listing in Frankfurt.

The company - which runs ecommerce platforms, largely in emerging markets - said on Saturday it had placed 40 million new shares at a price of 4.50 euros, raising 180 million euros - less than half the amount it had originally targeted due to weak investor demand.

A further 4 million existing shares were allocated to cover an over-allotment option for banks running the deal and if they took those up, proceeds would hit 198 million euros.

The shares were largely bought by existing shareholders, with Swedish investor Kinnevik (KINVb.ST) and Germany’s Rocket Internet (RKET.DE) buying shares worth 60 million euros and 50 million euros respectively.

Reporting by Michelle Martin; Editing by Douglas Busvine

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