March 23, 2018 / 9:28 AM / a month ago

Dutch IPOs overshadowed by market sell-off

AMSTERDAM (Reuters) - The sell-off in world equity markets soured the mood around two new listings on the Amsterdam bourse on Friday, with shares in Dutch bank NIBC NIBC_w.AS and wholesaler B&S Group BSGR_w.AS losing ground after lukewarm pre-listing demand.

NIBC fell 6 percent to 8.25 euros ($10.16) in its first hour of trading, ranking the bank among the worst performers on the Amsterdam stock exchange, where nearly all stocks traded at a loss.

The broad negative sentiment, fueled by fears of a looming international trade war, also overshadowed B&S Group’s market debut. The company’s shares fell by 1.1 percent to 14.35 euros by 0850 GMT.

“We know that we’re facing a somewhat tougher market because of the threats made by (U.S. President) Trump,” B&S Chief Executive Bert Meulman said at the company’s IPO ceremony.

“But we have sales every day, we make profit every day, and there’s no reason, regardless of the climate, why we shouldn’t continue.”

Interest in both stocks had been far from overwhelming in the run-up to their listings, with both companies ultimately pricing them at the bottom of previously indicated ranges.

NIBC is known as a mortgage broker and lender to small and medium-sized corporate borrowers in the Netherlands, Germany, Britain and Belgium.

B&S supplies consumer goods to cruise ships, military bases and low-cost retailers.

Reporting by Bart Meijer and Toby Sterling; Editing by David Goodman

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