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STORY: German web hosting firm IONOS made its market debut in Frankfurt on Wednesday (February 8).

It’s Europe’s biggest IPO since Porsche last September, and a big test of investor appetite.

The early signs were mixed.

IONOS shares soon slipped below their opening price.

They were changing hands at around 18 euros - or a little over $19.

That was about half a euro down.

CEO Achim Weiss said the fall was no concern:

"I'm here to take the company forward because the market sets the price and I'm confident that the price will reach the right level over the long term."

The dip comes despite the offering being over-subscribed multiple times.

Analysts say that suggests markets may be opening up to new entrants.

Underwriters for the deal may now issue more shares to meet demand.

IONOS competes with U.S. rivals like GoDaddy.

The share sale gave it a market capitalisation of around $2.8 billion.