HMV Group, the UK book and music retailer, is trading below its issue price after pricing near the bottom of its bookbuilding range, highlighting the difficult market conditions for the pipeline of European consumer flotations.

HMV shares were issued at 192p, compared to the bookbuilding range of between 190p and 220p per share, giving the firm a market capitalisation of £772.9m (€1.2bn). The company's shares are currently trading 3.6% lower than the issue price at 185p each.