The struggling industrial group Thyssenkrupp has successfully floated its submarine subsidiary TKMS on the stock exchange. The company produces these products.
The marine division of the crisis-ridden industrial group Thyssenkrupp, TKMS
had a successful start on the Frankfurt Stock Exchange on Monday. The share price started at 60 euros and rose to almost 100 euros at times due to high demand. At times, the enterprise value of TKMS even exceeded that of the Thyssenkrupp parent company: while the value of all Thyssenkrupp shares fell below the 6 billion euro mark at times due to the spin-off, TKMS was valued at 6.2 billion euros at its peak.
The steel division with plants in Duisburg and elsewhere is to be sold. The Indian steel group Jindal recently expressed its interest. The trade unions had welcomed the takeover bid.
Thyssenkrupp, as the majority owner, would retain a stake in the success, TKMS explained. The head of Thyssenkrupp, Miguel López, explained that the IPO of TKMS was "also an important milestone in the Group's realignment to focus on its core business.
