LEG falls flat as investors remain jumpy
German residential property firm LEG Immobilien traded slightly down on Friday, its first day in the market since a €1.34bn IPO, as long-only investors waited to come into the deal after being burnt in this week’s Saipem deal.
The shares opened strongly on Friday morning, at 44.50, 1.14% above the 44 issue price. But they lost much of that value over the day, trading as low as 43.75 and settling 0.32% under the IPO price at 43.86.
Other recent large IPOs such as Megafon have traded similarly
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