Edag shares rise in Frankfurt market debut
02/12/2015 08:21
FRANKFURT, Dec 2 (Reuters) - Shares in German automotive
engineering group Edag ED4.DE rose in their market debut on
Wednesday, outperforming the market and bringing an initial
public offering (IPO) season with mixed results to a positive
end.
Edag shares opened at 19.55 euros after the company had
priced them at 19 euros, at the bottom of its prospective price
range of 19-24 euros, raising some 191 million euros ($202.90
million) for its owner.
By 0842 GMT, the stock was at 20.75 euros. Germany's
blue-chip index .GDAXI was flat in early trade.
Edag, which has 8,000 employees, develops cars and
production lines for car manufacturers. It is owned by German
investor Lutz Helmig and his family, who sold hospital chain
Helios to Fresenius in 2005.
Helmig's investment vehicle Aton offered 10.06 million
existing shares to investors, with no new money raised for the
company in the IPO.
While Germany saw a raft of IPOs this autumn, several
companies like Covestro 1COV.DE , Hapag-Lloyd HLAG.DE and
Schaeffler SHA.DE had to cut their ambitions amid wobbly
markets.
($1 = 0.9414 euros)
(Reporting by Arno Schuetze; Editing by Maria Sheahan)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: EDAG ENGINEERING IPO/