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Europcar sees shares fall after car hire company goes public

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Europcar sees shares fall after car hire company goes public
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Shares in Europcar, the French rental car company, fell in early trading after its initial public offering.

Europcar issued 71.8 million shares, which brought in €879m, the offering valued the company at €1.75bn.

Europcar has a presence in 140 countries with most of its business carried out in Europe.

The company intends to use the proceeds to reduce its debt and prepare for future development.

Shares were down 3.3 percent on the Euronext exchange.