Deals
Showroomprive Shares Drop After Retailer Priced IPO at Low End
- Stock falls as much as 14% in Paris stock market debut
- Share sale valued French company about 660 million euros
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Showroomprive shares fell as much as 14 percent in the online retailer’s first day on the Paris exchange after the company and its owners sold shares for 256 million euros ($280 million) in an initial public offering that was priced at the low end of a range.
Based on the offer price of 19.50 euros per share, Showroomprive’s market value was about 660 million euros, the company said in an e-mailed statement. That price was the bottom of the initial range of 19.50 euros to 26.30 euros a share announced earlier this month. The stock fell 11 percent to 17.44 euros on Friday as of 11:36 a.m. in Paris.