Evonik Industries AG, Germany’s third-biggest chemical maker, gained 2.5 percent on the first day of trading after it listed the 14.5 percent of shares it had already sold to institutional investors.
The stock opened at 33 euros in Frankfurt today. Yesterday, investors had paid 32.20 euros per share as the company sold a 2.3 percent stake. A 12.2 percent stake had already been sold in private placements in February and March. The stock traded at 32.74 euros as of 9:41 a.m. valuing the company at 15.2 billion euros ($20 billion).
Evonik, based in Essen and majority owned by RAG-Stiftung and CVC Capital Partners, risks losing out in the competition for investors as increases in the share price will be an opportunity for the owners to further reduce their stakes, analysts including Oliver Schwarz at MM Warburg have said. RAG- Stiftung, which plans to reduce its holding to about 25 percent eventually, has earmarked proceeds to pay for costs related to closing Germany’s deep-shaft coal mines from 2018.
Evonik, a candidate to join the local benchmark DAX index when enough shares are freely traded, called off three initial public offerings in five years after market volatility hurt prices. Germany’s biggest chemical makers by sales are DAX members BASF SE (BAS) and Bayer AG. (BAYN)
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