PARIS -- French secondhand car group Aramis made a low-key Paris stock market debut on Friday, with its shares flat after rising marginally above an IPO price of 23 euros per share.
The initial public offering (IPO), which valued the group at 1.9 billion euros ($2.26 billion), was one of several to hit Paris in recent weeks, amid a mixed reception from investors faced with an avalanche of IPOs in Europe.
Aramis, which is 70 percent owned by Stellantis, was trading at 23.05 euros by 09:40 CET after pricing its IPO at the bottom of an indicative price range of between 23 and 28 euros per share.
Stellantis, formed through the merger of PSA Group and Fiat Chrysler Automobiles, did not sell down its stake.
Separately, Stellantis launched its Spoticar used car service in the UK recently. The move is the 10th European market launch for Spoticar after the brand started in France in May 2019.