Spanish travel technology group HBX slumps on market debut
HBX Group, which owns the Hotelbeds brand, had priced its shares at 11.50 euros earlier in the week for a 2.84 billion euro ($2.96 billion) valuation, in one of the euro zone's first initial public offerings of the year.
The Madrid-listed shares, however, were down 8.3% at 10.54 euros by 0920 GMT while the blue-chip IBEX-35 (.IBEX), opens new tab index was unchanged.
The company buys hotel accommodation, car rental and other travel products at a wholesale level and offers them to retailers on its different internet platforms.
The IPO raised 860 million euros including an over-allotment option.
HBX shareholders include private equity firms Cinven and EQT (EQTAB.ST), opens new tab, as well as Canada's CPP Investments. They all reduced their holdings through the IPO.
($1 = 0.9601 euros)
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