Frankfurt, May 11 - Shares in Germany's oldest chocolate maker, Halloren, rose 3.6 percent above the issue price in their stock-market debut in Frankfurt on Friday, in which it raised less money than it had initially hoped.
Halloren shares started trading at 7.10 euros, 1.4 percent above the issue price of 7 euros, and rose to 7.25 euros by 0812 GMT. The offer price range had been 6.50-8.50 euros.
The chocolate maker raised 15.6 million euros ($21.02 million) by selling 2.235 million shares. It had initially aimed to raise 20-30 million euros. The company itself will gain net proceeds of about 9.3 million euros.
"We want to use the proceeds from the successful stock market debut to finance further growth," Chief Executive Klaus Lelle said in a statement. "We can also very well imagine acquiring suitable brands or companies," he added.