Syzygy, the European e-commerce solutions provider, failed to live up to the market's high expectations on Friday as it rapidly fell below its issue price on its debut on the Neuer Markt.

Shares in Syzygy, which had been tipped to be the next supremo on Frankfurt's high-growth market, rose a couple of euros on the issue price as trading began, but quickly dipped in early morning trading to around €18.5, below the €20 issue price.