German perfume and cosmetics retailer Douglas shares fell 4.7% at its IPO debut on Thursday at the Frankfurt stock exchange, with an opening price of 25.50 euros per share, in Germany’s largest listing since Schott Pharma in September.

Its final price guidance was 26.00 euros per share on Tuesday.

Douglas will receive 850 million euros from the IPO, and will have a market capitalisation of 2.8 billion euros ($3.05 billion). Including debt, the company will be valued at almost five billion euros ($5.43 billion) after going public.

The company, which remains backed by CVC Capital Partners and the Kreke family, will use proceeds from the sale to pay down company debt. The owners have committed to injecting around 300 million euros of extra capital to bolster the group’s balance sheet.