Germany's Rocket Internet makes bumpy market debut
FRANKFURT, Germany (AP) — Germany's Rocket Internet AG, which specializes in launching e-commerce startups, has made a bumpy market debut — with its shares falling on their first day of trading in Frankfurt.
Rocket was the second German tech company in as many days to hit the market in Frankfurt, following Wednesday's debut by online fashion retailer Zalando.
Its shares quickly dropped from the issue price of 42.50 euros ($53.61) to below 37 euros in early trading Thursday, before recovering to 41.35 euros.
Zalando, which is one of Rocket's most successful ventures, saw its shares close flat on its first trading day Wednesday following initial gains.
Since 2007, Berlin-based Rocket has established dozens of other startups. Its formula has often been to copy successful rivals such as eBay, Alibaba or Airbnb.