Syensqo Spinoff Starts Trading at Almost €10 Billion Value
- Chemicals maker had targeted value of at least €10 billion
- Poor IPO market sees companies increasingly turn to spinoffs
Solvay vice chairwoman Francoise De Viron and Syensqo CEO Ilham Kadri during the bell ceremony in Brussels, Dec. 11.
Photographer: Jonas Roosens/AFP/Getty Images
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Syensqo SA, a chemicals maker carved out from Solvay SA, began trading Monday with an equity value just shy of €10 billion ($10.8 billion), in one of the largest spinoffs in Europe this year.
The stock started trading at €90 under the symbol SYENS on Euronext’s markets in Brussels and Paris before rising to €92.74 at 11:31 a.m.