CVC-backed perfume retailer Douglas tumbles in debut

Price drops like this also undermine investors’ confidence

Douglas sells a host of premium beauty products.Photographer: Alex Kraus/Bloomberg

German perfume retailer Douglas slumped as much as 11% as it began trading in Frankfurt after raising €850m in the country’s largest listing this year.

The CVC-backed company’s shares hit a low of €23.20 a share, compared with the IPO price of €26. The offering was pitched at the bottom of an advertised range to entice investors back into a market that has been subdued for much of the past 18 months.