MADRID -- Shares in Spanish supplier Gestamp fell on Friday in one of Europe's biggest stock market flotations of the year.
Gestamp's share sale, which closed on Wednesday, valued it at about 3.2 billion euros ($3.40 billion).
The shares were down 2.6 percent at 5.45 euros ($5.83) at 12:25 GMT in their debut on Friday.
Gestamp's owners, the Riberas family, planned to list up to 32.5 percent of the company.
Formed in 1997, Gestamp supplies parts for more than 800 models for manufacturers such as Volkswagen and Renault. It has 98 plants in 21 countries.
The company makes more than half of its revenue outside of Europe and has plenty of scope to grow in foreign markets, CEO Francisco Riberas told Reuters.
Core earnings before interest, tax, depreciation and amortization (EBITDA) rose almost 11 percent to 841 million euros in 2016.
The car industry has been a bright spot in Spain's manufacturing sector over the past few years, with companies including Ford and Volkswagen's Spanish brand Seat increasing production, mostly for export.
The Riberas family will raise gross proceeds of around 1.1 billion euros if an over-allotment option is exercised, Gestamp's prospectus showed.
Gestamp ranks No. 27 on the Automotive News Europe list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.5 billion in 2015.