The Global Fashion Group (GFG), which operates transactional websites in emerging countries, has raised less than half of the expected proceeds from a public offering on the Frankfurt Stock Exchange. The offer period was extended due to low demand from potential investors. GFG raised €180 million with the placement of 40 million new shares, which may go up by 10 percent through the exercise of an overallotment option. Its major shareholders, Kinnevik and Rocket Internet, supported the IPO by acquiring some of the shares. The shares started trading on July 2. They now give the company a market capitalization of just over €600 million, compared with an initially intended valuation of between €1.24 billion and €1.66 billion. GFG owns big e-commerce fashion platforms that clone Zalando like Lamoda in Russia, Dafiti in Latin America and Zalora in Asia.

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