Global Fashion Group shares fall after stock market debut
02/07/2019 08:15
BERLIN, July 2 (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. urn:newsml:reuters.com:*:nL8N23Z5AJ
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.
($1 = 0.8852 euros)
(Reporting by Michelle Martin
Editing by Douglas Busvine)
((MichelleHannah.Martin@thomsonreuters.com; +49 30 2888 5223;
Reuters Messaging:
MichelleHannah.Martin.thomsonreuters.com@reuters.net))