Arpida, a Swiss biotechnology company, today became the latest firm in its sector to hit trouble in the initial public offering market as its shares fell below their issue price after pricing at the bottom of the range.

Deutsche Bank was sole global co-ordinator and bookrunner of the Sfr97.2m (€63m) sale. It was the German bank's first Swiss IPO for four years according to Dealogic, the investment banking research provider.