Kinnevik, Rocket step in to rescue GFG's IPO

Global Fashion Group, the emerging markets-focused online fashion retailer, has restructured its IPO on the Frankfurt Stock Exchange in the face of tepid investor demand, having dropped the price to €4.50, below the initial €6 to €8 range, and extended the bookbuilding process by two working days. The two largest shareholders in the company will also now buy half the shares on offer.