Traton: shares trading below IPO price in market debut
(CercleFinance.com) - Shares of Traton, Volkswagen's truck unit, have fallen below their initial public offering (IPO) price of 27 euros on the Frankfurt Stock Exchange on Friday.
The stock, which debuted in line with its IPO price, was trading at 26.65 euros at 11 AM, down about 1.3%.
Traton said on Thursday that its IPO had been priced at 27 euros a share, at the lower end of its initial range of 27 euros-33 euros.
Parent company Volkswagen said it has received gross proceeds of 1.55 billion euros from the shares' placement. The auto giant said it plans to remain a "committed majority shareholder" of the division.
Traton shares also made their debut on Nasdaq Stockholm today, with the stock now trading at 281.4 Swedish kronor, below its IPO price of 284.70 kronor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The stock, which debuted in line with its IPO price, was trading at 26.65 euros at 11 AM, down about 1.3%.
Traton said on Thursday that its IPO had been priced at 27 euros a share, at the lower end of its initial range of 27 euros-33 euros.
Parent company Volkswagen said it has received gross proceeds of 1.55 billion euros from the shares' placement. The auto giant said it plans to remain a "committed majority shareholder" of the division.
Traton shares also made their debut on Nasdaq Stockholm today, with the stock now trading at 281.4 Swedish kronor, below its IPO price of 284.70 kronor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.