Home / World News / Shares in Knorr-Bremse hold their own on Frankfurt debut

Shares in Knorr-Bremse hold their own on Frankfurt debut

Shares in German brake systems manufacturer Knorr-Bremse held their own in early trading on Friday as choppy global markets took the shine off Germany’s second biggest stock market debut this year.

Shares opened at 80.10 euros, a shade above their offer price of 80 euros, and edged up to 80.50 euros by 0744 GMT.

Knorr-Bremse’s debut comes after European shares hit their lowest in more than 21 months and Wall Street extended its slide into a sixth session on Thursday as investors fear an escalating U.S.-China trade war and an economic downturn.

Proceeds from the sale of a 30 percent stake in Knorr-Bremse go to Heinz Hermann Thiele and his daughter, handing them 3.9 billion euros ($4.53 billion) and giving the company a market value of 12.9 billion euros.

It’s this year’s biggest stock market flotation in Germany after Siemens Healthineers raised 4.2 billion euros.

Bankers and investors said the IPO was well supported because family-owned Knorr is viewed as an industry leader with a history of consistent profitability, differentiating it from other recent debutants that are trading below their offer price.

Deutsche Bank, JP Morgan and Morgan Stanley acted as joint global coordinators and bookrunners on the Knorr-Bremse deal. In addition, Berenberg, Gossler, Commerzbank, UBS and UniCredit were joint bookrunners.

Source link

About admin

Check Also

Turkey gains from grisly drama over the killing of journalist Jamal Khashoggi

Details from the audio – according to the Sabah newspaper and a Turkish official — …

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: