German low-cost airline Air Berlin has postponed its listing on the Frankfurt stock exchange by nearly a week.
The company gave no explanation for the move, which will see its shares begin trading on May 11 instead of Friday, as originally planned.
Traders said, however, that investors appeared to be finding the price of Air Berlin shares, which has been fixed between €15 and €17.50, too high.
Air Berlin said in a statement that it had extended the period during which investors can apply to buy shares to May 10. The company intends to use the proceeds from its initial public offering to fund expansion in eastern Europe, where it faces fierce competition from rivals such as EasyJet and Ryanair.
