The German Rocket Internet IPO is off to a slow start, trading below the initial share price of 42.50 Euro.F
The German Internet powerhouse Rocket Internet started to publicly trade today. The IPO share price have been set at the top of the range with 42.50 Euro. Immediately after start of the trading the shares dropped below 40 Euro.
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Shares in the Berlin-based company fell to 36.66 euros after a few minutes. Clearly, Rocket Internet is no Alibaba. Still, the IPO can be considered a success as the company raised 1.6 billion Euro. Also the current share price is trading now at 40.95 Euro, which is not that far off anymore from the IPO price.
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The company founded by the Samwer brothers is operating a large number of internet companies, with many based on US startups. This got them a bad reputation.