HBX said the value of stock sold on the Madrid stock exchange was up to €860mn depending on the exercise of an overallotment option. The offering was priced in the middle of the marketed range at €11.50, but shares were trading down 9.9 per cent at €10.36 at lunchtime, having dropped as much as 11 per cent in mid-morning trading.

Spanish travel technology firm HBX Group International Plc’s shares slid in their Thursday debut, marking a rocky start of trading for Europe’s biggest initial public offering so far this year.

Shares of Spanish travel technology company HBX Group fell slightly in their market debut, trading at €11.40 after being priced at €11.50 in its initial public offering (IPO).

Karman Holdings Inc., a maker of integrated systems for space and defense programs, and shareholders including Trive Capital raised $506 million in an initial public offering, pricing its shares above a marketed range.