BERLIN, Germany — Shares in Global Fashion Group (GFG) opened at €4.47 ($5.05) on Tuesday before dipping to €4.34 at 0727 GMT on their first day of trading following their stock market listing in Frankfurt.

The company — which runs e-commerce platforms, largely in emerging markets — said on Saturday it had placed 40 million new shares at a price of €4.50, raising €180 million (around $203 million) — less than half the amount it had originally targeted due to weak investor demand.

A further 4 million existing shares were allocated to cover an over-allotment option for banks running the deal and if they took those up, proceeds would hit 198 million.

The shares were largely bought by existing shareholders, with Swedish investor Kinnevik and Germany's Rocket Internet buying shares worth €60 million euros and €50 million respectively.

By Michelle Martin; editor: Douglas Busvine.