Gabler Shares Fall As Defense IPO Sputters in Broader Selloff

Submarine components supplier Gabler Group AG’s shares closed below their IPO offer price, erasing early gains and underperforming other defense stocks as the market debut was caught in a broader selloff.

The stock closed down 1.6% in Frankfurt after opening with gains of nearly 14%. Europe’s benchmark Stoxx 600 index ended down 0.63%, as the war in the Middle East sent energy prices soaring. A Goldman Sachs basket of defense stocks was up 3% at 17:02 pm.