Weak trading debuts by De' Longhi, an Italian appliance maker, and Init Innovation in Traffic Systems, a German software firm, highlight the continued depression in the new issue market.

De' Longhi joins the growing ranks of Italian IPOs to trade below their issue price this year. The company had already cut the number shares on sale and priced below the bookbuilding range to raise €127.5m ($111m). De' Longhi's shares opened at €3.35, below the issue price of €3.4. Throughout the day shares did hit €3.44 before falling back to €3.38, to value De' Longhi at €490.1m. Merrill Lynch and local firm Unicredit Banca Mobiliare were joint global co-ordinators of the offer.