Liberty Surf, the French internet service provider which floated last month in a €518m (£304m) IPO, last week closed below its issue price for the first time. It closed at €38.7, a fall of 5.6% from its issue price of €41.

The move means that every large international internet IPO in the first quarter is trading below its issue price. Liberty Surf came to the market in the middle of March, the same week as World Online, Lastminute.com and StepStone, and a week before Lycos Europe.

William Wright

Lycos Europe

Deutsche Bank

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Liberty Surf falls below issue price

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