The leading global energy technology company, Siemens Energy made a moderate trading debut on the Frankfurt Stock Exchange on Monday, the company announced on Monday.
Shares in Siemens Energy, which makes gas turbines, power transmission systems and holds a 67% stake in Siemens Gamesa, opened at €22.01 each on Monday, giving the company a market value of €16 billion ($18.6 billion) relative to market valuation estimates last week of between €21-€22 billion.
A total of 55% of Siemens Energy, which has 91,000 employees in more than 90 countries, was spun off to the shareholders of the parent company Siemens AG with the corresponding number of shares available for free-float ownership, while a further 9.9% was transferred to Siemens Pension-Trust.
The listing follows the successful spin-off of the Gas and Power business from Siemens AG. The company also intends to further reduce its equity stake in Siemens Energy significantly within 12 to 18 months.
The CEO of Siemens Energy Christian Bruch said: 'Our listing marks the start of a new, important era in the company's history. 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.
Ralf Thomas, the chief financial officer and member of the supervisory board of Siemens Energy said, “the spin-off would create an independent and agile energy champion with a strong brand and Siemens’ engineering DNA” which would allow Siemens Energy to act independently and have a strong financial basis in the future.
By Gokce Kucuk Topbas
Anadolu Agency
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