Thyssenkrupp spinoff: €1.77 billion at stock market launch: TK Accelis falls short of expectations in valuation
Thyssenkrupp has taken another business segment to the stock exchange with the materials trader. But how much independence does TK Accelis really gain from this?
Thyssenkrupp's subsidiary TK Accelis began trading on the Frankfurt stock exchange with an initial price of 27.80 euros, resulting in a market capitalization of approximately 1.77 billion euros. The stock rose by around 10 percent in the first few minutes of trading and was up about 7 percent at 30 euros by mid-afternoon. TK Accelis employs 15,500 people in 30 countries and generated 11.4 billion euros in revenue last year.
The Thyssenkrupp share price fell by over 14 percent to under 12.55 euros. This is the third Thyssenkrupp subsidiary to list, following Nucera and TKMS.
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