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UPDATE 1-Kion's poor stock market debut bodes ill for Annington

FRANKFURT, June 28 (Reuters) - Shares in German forklift truck maker Kion fell on their debut on the Frankfurt stock exchange on Friday, boding ill for next week's proposed initial public offer of real estate firm Deutsche Annington .

The stock had been priced at the very bottom of the range of 24 euros ($31.21) to 30 euros, but many investors still sold holdings in Kion swiftly, driving the stock down 1.3 percent below the issue price as of 1454 GMT.

Kion is the world's second biggest maker of forklifts after Japan's Toyota and had adjusted earnings before interest and taxation last year of 438 million euros, up from 365 mln in 2011.

Its private equity owner KKR blamed the poor start to recent market fears regarding a reduction in the Fed's quantitative easing programme and a credit crunch among China's banks.

Europe's major stock markets were all down by another 0.5-1.2 percent on Friday.

"We couldn't have picked a worse week this year," KKR's German chief Johannes Huth said.

Kion, U.S. investment bank Goldman Sachs and management together retain a 50 percent stake in the company, with another 30 percent held by China's Weichei Power and the remainder now floated.

So far there has been no signal that the order book has been filled for next Wednesday's planned IPO of Deutsche Annington, causing one banker not involved in the transaction to say: "It will be tough if that (message to investors) doesn't come soon."

German IPOs are considered successful if there are two orders for every one share issued.

Private equity company Terra Firma, the majority owner of Deutsche Annington, has not signalled any willingness to lower the 18-21 euro issue price range, however.