German beauty retailer Douglas’ shares opened at €25.50 each on its first day of trading on the Frankfurt exchange on 20 March.
This figure represented a 6.8% decline on Douglas’ 19 March initial public offering (IPO) price of €26 per share, which was at the lower end of its marketed range.
The company, which is backed by CVC Capital Partners and the Kreke family, will use the IPO proceeds to pay off debt.
Douglas sold approximately 32.7 million new shares to raise around €800m, with the offering valuing the company at around €2.8bn.
In addition, Douglas is targeting an extra €300m from existing shareholders, including CVC, which is the majority shareholder.
Douglas was delisted from the stock exchange in 2013 after a joint takeover by financial investor Advent and the founding Kreke family.
In 2015, the majority went to CVC for almost €3bn.