The firm had been criticised for a sharp rise in its original flotation price target shortly before its listing.

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The low flotation price means some of Iberia's investors - including British Airways - will get a rebate from the Spanish government.

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The share price leapt from the 160 pence flotation price to 190p.

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Deutsche Telekom has been forced to lower its target price for the flotation of its internet business T-Online, down from 50 euros to about 35 euros if not less.

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The share price, euro12.80 at flotation in 1997, sank to euro4.50 earlier this month, but has since climbed a little.

ECONOMIST: Industry in eastern Germany

Given the vast valuations placed on internet related companies, the more success it has as an internet service provider in the UK, the higher the price it will be able to fetch at flotation.

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The State Industrial Holdings Company (SEPI), which is responsible for privatisations, cut the price of the shares by 40% ahead of the flotation in an attempt to attract investors made nervous by the global stock market slowdown.

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In spite of its plummeting share price, Facebook has oodles of cash from its recent stockmarket flotation.

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First, a bull market, and the shining success of Deutsche Telekom, the former state-owned telecommunications monopoly whose share price has risen 50% since the firm's widely publicised flotation in November, has made German investors increasingly adventuresome.

ECONOMIST: Venture capital