shares in german webhosting and cloud company ionos group se fell below the price of the companys initial public offering as it began trading on the frankfurt stock exchange on wednesday ionos shareholders united internet ag and a warburg pincus llc affiliate late tuesday set the offer price for the ipo at 1850 euros 1985 a share the bottom of the eur1850 to eur2250 range provided last month at 1120 gmt shares in ionos trade at eur1810 or 22 lower than the ipo price having traded as low as eur1785 earlier wednesday on completion of the offering the stakes in ionos held by german internetservices company united internet and privateequity firm warburg will be lowered to 621 and 206 respectively from 751 and 249 before the ipo ionos said total proceeds from the ipo are expected to be eur447 million assuming placement of all shares ionos said the valuation implied by ionoss ipo doesnt look demanding and its business model is attractive but there might be questions about capital returns and concerns over corporate governance mmwarburg analyst simon stippig said in a research note wednesday