Bauer, a construction group listing on the Frankfurt stock exchange today, is the second German company in a week to have faced a depressed share price on its first day of trading.

Bauer raised at least €135m ($173m) in its listing today, after 8.9 million shares were priced at €16.75 - near the bottom of the indicative offer range of €16.50 to €21.50. Shares opened at €16.60, or 1% down, but by 10:15 GMT were trading fractionally over the offer price, at €16.80.