Rocket Internet kicks off its $1.8 billion mega-IPO but shares are down in early trading

Rocket Internet kicks off its $1.8 billion mega-IPO but shares are down in early trading

Rocket Internet, the European startup incubator behind a raft of technology companies including Foodpanda, Paymill and Jumia, started trading on the Frankfurt Stock Exchange today.

As tech.eu reports, the firm opened at €42.50 ($54 USD) per share, valuing the company at €6.7 billion ( $8.4 billion USD). The price quickly dropped by more than 10 percent, but has since recovered to around €40 ($51 USD) per share.

According to Reuters, the IPO is Europe’s largest since 2000.

Borse Frankfurt (via tech.eu)

Thumbnail image credit: DANIEL ROLAND/AFP/Getty Images

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