VW’s Truck Unit IPO To Bring $1.76b
At a final price guidance of 27 euros or $30.69 given to investors per share, the Bookrunner said would give Traton an initial market capitalisation of 13.5 billion euros.
Pricing usually occurs at the level of the final guidance. The debut in Frankfurt and Stockholm held Friday.
Volkswagen said in June that it aimed to raise 1.55-1.9 billion euros by selling 10%-11.5% of Traton for 27-33 euros a share, having scaled back earlier ambitions to list a stake of up to 25% of the shares to raise 5-6 billion euros.
Although markets are still receptive to IPOs given low volatility, sentiment for new listings is shaky. Global Fashion Group on Wednesday drastically cut the offering price of its IPO in a last ditch bid to woo investors.
In March, VW had postponed the Traton listing citing jittery markets.
If Traton does not exercise an over-allotment option proceeds will stand at 1.35 billion euros.
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