The gamble to float companies in volatile markets has paid off for Demag Cranes, a German crane manufacturer, and ClinPhone, a UK clinical trials database specialist, as both traded up on their market debut. Both are private equity owned.

Demag Cranes, owned by Kohlberg Kravis Roberts, rose up to 6% on early trading before falling back to €22.55, or nearly 3% above the issue price of €22 at 10:10 GMT. The company and its bookrunners, Goldman Sachs and Lehman Brothers, originally hoped to raise €463.5m ($581.7m), but a cut in the offer price and number of shares sold earlier in the week makes the raising now worth around €270.7m.