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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