Air Berlin, the discount airline forced to cut the price and size of its initial public offering to push the deal through, watched its shares dip when they started trading after being priced near the bottom of their range.

Air Berlin sold 37 million shares last night at €12, the lower end of the revised €11.50 to €14.50 price range. The deal, led by Commerzbank and Morgan Stanley, was twice oversubscribed.