RTL shares dip on listing debut

Shares in Germany’s RTL Group slipped below their issue price in their first day of trading on the Frankfurt exchange, following the world’s largest share offering of a media group in eight years.

After briefly rising above the €55.50 offer price in early trade, shares of Europe’s largest broadcaster with 53 television channels and 28 radio stations in 10 countries were down 1.2 per cent to €54.85 over the day amid a weaker European media sector.

RTL’s majority shareholder, privately held Bertelsmann , raised €1.42 billion in the sale, which cuts its stake to 75 per cent from 92.3 per cent.

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