Bayer’s Covestro Raises $1.7 Billion After Cutting Size of IPO

  • 62.5 million shares sold, with Bayer's stake diluted to 69%
  • Stock priced at 24 euros, at upper end of reduced range

Covestro AG, the plastics unit of drugmaker Bayer AG, raised 1.5 billion euros ($1.7 billion) in an initial public offering after cutting the size of the sale by 40 percent amid slumping global stock markets.

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