PARIS, June 20 Shares in financial market operator Euronext started trading at 19.40 euros on Friday, 3 percent below the price set for its initial public offering.
Parent Intercontinental Exchange had priced the shares at 20 euros late on Thursday, at the lower end of a previously announced IPO price range of 19-25 euros.
ICE said on Thursday that all 42.25 million shares offered were sold, representing 60.36 percent of the capital, implying a market value of 1.4 billion euros ($1.91 billion) for all of the company.
A group of European institutional investors bought a 33.4 percent stake in the market operator last Friday at a 4 percent discount to the IPO price, or 19.20 euros a share, in a move designed to allay local regulators' concerns that the pan-European bourse could be snapped up by another foreign firm.
ABN AMRO Bank, JPMorgan and Societe Generale acted as joint global coordinators for the IPO. ($1 = 0.7336 Euros) (Reporting by Blaise Robinson; Editing by James Regan)