Plastic pipe maker Wavin yesterday raised considerably less than hoped from its Amsterdam IPO, due to an almost total boycot by Dutch institutional investors, the Financieele Dagblad reports.

Wavin was floated by private equity groups CVC and Alpinvest. The launch, at the lower end of the price band, raised €371 mln. ‘This should be a signal to private equity,’ Alex Otto, asset manager at Delta Lloyd told the paper. Wavin closed is first days trading at €11.40, an increase on the launch price of 4%.