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Frigoglass rises 174% in its first trading day

Greece“s Frigoglass, a 20%-owned subsidiary of Hellenic Bottling Company, made a successful trading debut, closing with gains of 174% on its first trading day on the Athens bourse recently.
The stoc…

Greece“s Frigoglass, a 20%-owned subsidiary of Hellenic Bottling Company, made a successful trading debut, closing with gains of 174% on its first trading day on the Athens bourse recently. The stock, however, retreated from earlier gains of more than 250%, as some investors took profits. Frigoglass closed at Dr 8,210, up Dr 5,210. There is no fluctuation limit for the first three trading days of a stock. After that time period it is subject to the 8% daily limit either up or down. After the initial burst, the stock is expected to stabilize around current levels in line with its parent Hellenic Bottling. Hellenic Bottling ended up 0.4% or Dr 30 at Dr 7,800. Frigoglass, a producer of freezers and coolers, offered 6 million shares at Dr 3,000 per share, while 5 million shares were privately placed.

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