Shares in the Gabler Group dipped below its offer price on the German submarine systems maker's debut on the Frankfurt stock exchange on Monday, having risen earlier in the day.
The shares fell to 43.6 euros ($50.47) apiece by 13:49 GMT, below the offer price of 44 euros, after rising as much as 49.1 euros earlier in the day.
The company, which primarily makes hydraulic and electrical mast systems for submarines, had been valued at 266 million euros at its final offer price.
The Luebeck-based company has 49.9 per cent of shares in free float, with a combination of newly issued shares, existing shares from the holdings of majority owner Possehl Mittelstandsbeteiligungen and shares in connection with a greenshoe option amounting to a total placement value of around 132.8 million euros.
(Reporting by Bernadette Hogg; Editing by Linda Pasquini and Emelia Sithole-Matarise)