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Germany's Hapag-Lloyd flounders in tepid market debut
[FRANKFURT] Shares in Hapag-Lloyd hovered around their issue price in their stock market debut as investors gave the German shipping group a lukewarm reception amid concerns over the resilience of capital markets and the shipping sector.
The shares started trading at 20.05 euros (S$30.70) but fell to their issue price of 20 euros apiece within minutes.
Weak demand had prompted Hapag to postpone the IPO, trim the number of shares on offer, lower the price range and then to price at the bottom of the revised 20-22 euros range.