FRANKFURT, April 15 (Reuters) - Shares in German property company GSW rose as much as 6 percent on their first day of trading in Frankfurt as the company got a stock market listing at its second attempt.
The Berlin-based company shelved plans last year due to market turmoil following Greece's debt crisis and this time around priced the offering at 19 euros, the lower end of the 19-24 euro range.
"It's hard to imagine just how stressful it is to launch an IPO (initial public offering), especially in this case where Fukushima put extra pressure on the market," Chairman of the Supervisory Board Eckart John von Freyend said after the first trades had been made, referring to Japan's nuclear crisis.
GSW's shares were trading at 20 euros at 0800 GMT on Friday.
A good performance on opening morning, however, is no indication of a sustained rise if recent Frankfurt stock market debuts are anything to go by.
Powerland and Norma both gained in the morning of their debuts earlier this month but are now trading below their issue prices of 15 euros and 21 euros respectively.
A Frankfurt-based trader who declined to be named said that GSW's initial stock movement looked promising but that it would be unwise to jump to conclusions.
Many IPOs have also been pulled or delayed over recent months as the effects of Japan's earthquake and nuclear crisis, as well as unrest in North Africa, have unnerved investors. (Reporting by Victoria Bryan and Josie Cox, Editing by Mark Potter)