Shares in LG Philips, the Dutch-South Korean television and computer maker, dropped up to 9% below its issue price on their first day of trading in New York despite pricing at the bottom of its range in a deal dramatically scaled back to get it away.

LG Philips fell to a low of $13.70 (€11.24) before rallying to close at $14.05 on Thursday 6.3% below its $15 issue price. In Seoul, the shares finished at a similar percentage discount.