Shares in the world’s third-largest aerospace company had a turbulent start in the first day of trading July 10, opening up almost 6 percent at $17.86 but quickly plummeting below the offer price.

The European Aeronautic Defense and Space Co. (EADS) was the first company to hold simultaneous initial public offerings in three European countries, with shares trading on the Frankfurt, Paris and Madrid exchanges.

Shares in EADS opened at $17.86 in Paris and Frankfurt and $17.95 in Madrid. But when all was said and done, shares nose-dived to a low of $16.45 before surfacing up to only $16.82 by late afternoon.

“You must be humble with the market,” said Philippe Camus, EADS co-chief executive. “The market indicated to us the price which it was ready to pay. End of story.”

The company is a product of a corporate merger between France’s Aerospatiale Matra, Germany’s DaimlerChrysler Aerospace and Spain’s Construcciones Aeronauticas (CASA).