Enagas, the distribution arm of Spanish utility Gas Natural, has launched the first flotation on the Spanish market since Inditex in May 2001.

With stock markets plummeting across Europe Wednesday morning, the shares made an inauspicious debut, with the price falling 7.5% to €6.01 ($5.95) in the first three minutes of trading. Enagas had priced the offering at €6.50 per share: towards the middle of the €5.85 to €7.55 bookbuilding range.