Shares in the Spanish travel technology company HBX Group experienced a significant decline on their stock market debut in Madrid on Thursday, resulting in a loss of 236 million euros of its market value. HBX Group, the owner of the Hotelbeds brand, had initially priced its shares at 11.50 euros earlier in the week for a total of 2.84 billion euros ($2.96 billion), marking one of the euro zone's earliest initial public offerings of the year.

As of 0920 GMT, the Madrid-listed shares were down 8.3% at 10.54 euros, while the blue-chip IBEX-35 index remained unchanged. The company specializes in purchasing hotel accommodation, car rentals, and other travel products at a wholesale level. It then offers these products to retailers through its various online platforms.

The IPO successfully raised 860 million euros, which also included an over-allotment option. Notably, private equity firms Cinven and EQT, along with Canada's CPP Investments, who are shareholders in HBX, decreased their holdings through the IPO. ($1 = 0.9601 euros)