- Press Releases
October 7 (SeeNews) - Innogy SE (ETR:IGY) today debuted on the stock exchange after raising EUR 5 billion (USD 5.6bn) in the largest initial public offering (IPO) in Germany since 2000.
Trading in the shares on the Frankfurt Stock Exchange started at EUR 37.30, above the issue price of EUR 36, which was set at the top end of the proposed price range. The stock subsequently hit a low of EUR 35.85, while at 1408 CET it was hovering around the issue price.
Innogy pools the renewables, grids and retail operations of German energy company RWE AG (ETR:RWE), which holds a 75% stake in the business following the IPO.
"Ten months ago, we set out with a very ambitious goal – to create an innovative green energy company, which has the strength and independence to define the energy of the future. Today has shown that we are on the right track!", Peter Terium, who is currently chief executive of RWE and Innogy, said in a statement.
Innogy aims to achieve earnings before interest, tax, depreciation and amortisation (EBITDA) of between EUR 4.3 billion and EUR 4.7 billion next year, according to the announcement. Some 70% to 80% of adjusted net income is to be distributed as a dividend. The company plans to invest around EUR 6.5 billion in its three core business areas between 2016 and 2018.
(EUR 1.0 = USD 1.115)