At 5:01pm on Friday June 25, all hell broke loose in the German stock market. It was the final day of a huge 250 million issue of shares in Deutsche Telekom, the country’s biggest stock. The deal had been going extremely well. Massive retail demand in Germany and across Europe had assured its success and set a new precedent for pan-European retail share offers. Unusually, the share price had risen sharply during the marketing period – in most secondary offerings the price falls during book-building.
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