Digi Spain shares fall 8% on first day of trading (updated)
UPDATE 2-Digi Spain shares fall 8% on first day of trading Updates with day's price action in first paragraph and first bullet point
By Gemma Guasch
July 16 (Reuters) - Shares in Digi Spain DIGIS.MC closed 8% lower on their first day of trading, having jumped 7% on their market debut before falling back to the IPO price two hours later.
Shares opened at €6.00 and retreated to the IPO price of €5.60 before closing at €5.15.
Digi Communications's DIGI.BX Spanish unit IPO valued the company at about €1.66 billion ($1.90 billion).
The offering comprised 59 million ordinary shares, including 26.8 million new shares, raising about €150 million.
Parent company Digi Communications sold about €137 million worth of existing shares.
The company's IPO drew strong investor demand after a €100 million cornerstone commitment from Global Portfolio Investments helped secure an oversubscribed share sale.
The IPO went ahead after being postponed in April due to worries about geopolitical instability.
Digi Spain is the second listing on the Spanish stock market this year, following engineering and tech company TSK TSK.MC in May.
($1 = 0.8725 euros)
(Reporting by Gemma Guasch; editing by Bartosz Dabrowski, Kirsten Donovan)
((gemma.guasch@thomsonreuters.com ; +48 58 746 90 08))