FRANKFURT Zalando SEs stock market debut was described as disappointing by analysts Wednesday after the online retailers shares swiftly shed their opening gains.
The stock initially rose 12% above its issue price on the Frankfurt exchange but pared those gains within the first hour of trading.
By midmorning locally, Zalandos shares were slightly below 23 euros ($29), compared with their debut of 24.10. The e-commerce companys 21.50 issue price was set at the upper end of its bookbuilding range.
Alpha Wertpapierhandel analyst Stefan de Schutter called it a poor start, as expectations were high after the offer was oversubscribed. He said it would be devastating if Zalando shares were to fall below the issue price on their first day.
An expanded version of this report appears on WSJ.com
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The Wall Street Journal: Zalando sheds early gains in stock-market debut
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