CITIGROUP INC. 
The stock opened at 3.60 euros in its debut on the Frankfurt stock exchange, down 10 percent from the issue price of 4 euros.
The shares were down 4.3 percent at 1247 GMT versus a 2.3 percent rise in Germany's DAX index <.GDAXI>.
Chief Executive Officer Stavros Efremidis said his strategy was to purchase real estate that needs renovation, invest in them and then rent or sell properties for higher prices.
The IPO raised 375 million euro for the company, less than the original goal of up to 550 million.
"We hope that we will be able to invest the money quickly," Efremidis said, adding that there were still properties at attractive prices for sale in the market.
Godewind's market debut is the seventh listing in Germany this year including Siemens Healthineers business, which gained as much as 7 percent on its first day of trading in March.
Up to 86 percent of Godewind shares will be freely traded.
Citi (>> Citigroup) and J.P. Morgan (>> JP Morgan Chase & Company) organised the flotation with Berenberg Bank and Société Générale serving as joint bookrunners.
(Reporting by Riham Alkousaa and Hans Seidenstuecker; editing by Jason Neely)
