Siemens' Energy Division Spinoff Raises 16 Bln Euros In Market Debut

Mohammad Ali (@ChaudhryMAli88) Published September 28, 2020 | 02:50 PM

Frankfurt am Main, Sept 28 (UrduPoint / Pakistan Point News - 28th Sep, 2020 ) :German industrial giant Siemens on Monday spun off its energy unit, raising just under 16 billion euros, in one of the largest stock market debuts in Europe this year.

Shares in Siemens Energy traded at 22.01 Euros ($23.27) at open before sliding back to 19.91 euros at 0713 GMT, lagging expectations.

Analysts had predicted the new company's market cap to reach between 17 billion and 24 billion euros. In March, Siemens said the energy unit had equity of about 17.3 billion euros.

"As an independent company, we now have the entrepreneurial flexibility we need to help shape the global transformation of the energy markets in a sustainable and economically successful manner," said Siemens Energy's chief executive Christian Bruch.