Thyssenkrupp spinoff: 1.77 billion euros at the start of the stock market: TK Accelis' valuation remains below expectations

Dusseldorf. Thyssenkrupp has taken a decisive step further in its corporate restructuring: TK Accelis, the third subsidiary of the Essen-based industrial group, is already listed on the stock exchange.

The TK Accelis share started trading on the Frankfurt Stock Exchange on Wednesday with an initial price of 27.80 euros. This results in an initial market capitalization of around 1.77 billion euros. Compared to analysts' expectations, the initial listing was below Jefferies' forecast range of 29 to 64 euros.

In the first few minutes of trading, the stock rose by around ten percent at times and was still up around seven percent at just under 30 euros by late midday. In return, Thyssenkrupp shares lost more than 14 percent and were quoted at less than 12.55 euros.

After the hydrogen subsidiary Nucera and the naval shipbuilder TKMS, Thyssenkrupp's materials trading is also independent on the stock exchange. TK Accelis employs around 15,500 people in 30 countries and generated sales of 11.4 billion euros in the last financial year. According to its own information, the company is the largest factory-independent materials dealer in Europe in terms of sales and number three in North America.