(MENAFN- AFP) Europe's biggest online fashion retailer, Zalando, made its high-profile debut on the Frankfurt stock exchange on Wednesday, with shares quickly slipping into the red.
After an initial lift on opening, shares in the German company were down 9.61 percent by 0745 GMT, at 21.76 euros ($27.45) with nearly five million shares having already changed hands.
The share price had kicked off trading at 24.10 euros, or 12 percent above its issue price of 21.5 euros which Zalando had set on Monday with the target of raising about 605 million euros.
Its Initial Public Offering of 11.3 percent of its capital via new shares was expected to be one of the biggest IPOs on the German exchange in the past few years.
Founded in 2008, Zalando is a direct competitor of US online retailer Amazon's fashion vending business, and posted a turnover of 1.8 billion euros in 2013.
In the first six months of this year, it booked a tiny profit of 200,000 euros on sales of 1.05 billion euros.
Zalando is present in 15 countries, including France and Belgium. While it initially started off selling just shoes in 2008, it now offers a full range of clothing and fashion items from 1,500 different brands.
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