- Wednesday, October 16, 2024
By Nina Kienle
German defense company Renk Group made its trading debut on the Frankfurt Stock Exchange on Wednesday, with a valuation of approximately €1.75 billion ($1.88 billion). At 1033 GMT, Renk shares were trading at €18.42, showing an increase from the opening price of €17.50.
The initial trading level of Renk exceeded the price of €15 at which Triton, the majority owner and investment firm, had announced its intention to offer shares to institutional investors prior to the listing. On Monday, Renk and Triton stated that 30 million shares would be offered before the listing, but this offer was later expanded to 33.3 million shares on Tuesday. The sale is anticipated to amount to approximately €500 million.
Renk and Triton also announced that European defense company KNDS has acquired 6.7 million shares in Renk, becoming a cornerstone investor. Following the listing, Triton will retain the majority stake in the company.
Renk, based in Augsburg, Germany, specializes in manufacturing gear units, transmissions, power packs, and other components used in military and civil vehicles. With a revenue of €849 million in 2022, the company expects this figure to grow between €900 million and €1.00 billion in 2023.
As of the end of 2022, Renk employed 3,297 people.
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