Générale de Santé, the French healthcare company, fell in early trading Wednesday in the latest indication that the recent recovery in the IPO market is struggling to take hold.

Earlier this week JC Decaux, the French outdoor advertising firm, was forced to slash its bookbuilding price by almost a fifth. Companies have been struggling outside France as well: last week the IPOs of two Italian companies, GranitidiFiandre and Air Dolomiti, both priced below their bookbuilding ranges while in Germany Degussa pulled the IPO of its biotechnolgy arm, Zentaris, the day before it was due to trade.