Last Friday, shares of Europcar declined more than 3% in early trading in Paris after its initial public offering, according to a New York Times report.

Europcar sold 879 million euros (about $985 million) in an offering of 71.8 million shares, according to the report. Europcar priced its stock at 12.25 euros per share, which dropped this week between 12 euros and 13.25 euros.

Europcar will keep 475 million euros from its sale of the issued shares. Shareholders, including French investment firm Eurazeo, sold 404 million euros worth of shares in the offering, according to the report.

Europcar plans to use the proceeds to reduce its debt and increase its financial flexibility for future development, says the report.

Click here for the full New York Times report: http://www.nytimes.com/2015/06/27/business/dealbook/europcar-shares-decline-in-early-trading-after-paris-ipo.html