Fox News is reporting that the world’s largest e commerce logistical logistics company, eCommerce Vintage, is reporting its losses on its first day of trading.
The company, which is based in the Netherlands, lost $1.4 million on its trading session on Sunday.
“The business suffered the largest trading loss on its calendar, but has since been able to recover the $1 million it lost during the trading day,” a company spokesman said in a statement.
Despite the loss, the company is still hoping to re-enter the ecommerce business after it is bought out by rival Snapdeal.
According to a report by Reuters, ecommerce retailer eBay was in a strong position for the first day as it has a significant amount of cash on hand.
Ebay is still one of the largest online retailers, having more than 20 million customers worldwide.
It has raised $50 billion since its IPO in 2008.