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GFG - Global Fashion SA News Story

€5.84 0.2  3.0%

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Consumer Cyclicals
Mid Cap
Market Cap £903.4m
Enterprise Value £746.6m
Revenue £1.21bn
Position in Universe 372nd / 1038

Global Fashion Group shares fall after stock market debut

Tue 2nd July, 2019 8:15am
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.*: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)
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