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Business

Schaeffler shares rise in stock market debut

The German automotive parts maker has successfully made its long-awaited listing on the stock market. The company's shares opened higher than the offering price, despite concerns engulfing the nation's car industry.

In one of Germany's largest initial public offerings (IPO) this year, car supplier Schaeffler made a successful stock market debut on Friday.

The move came after the company had sharply scaled back the listing in the wake of the Volkswagen exhaust emissions scandal that has rocked the nation's auto industry.

Shares in Schaeffler opened at 13.50 euros ($15.30) on the Frankfurt Stock market - 8 percent above the issue price of 12.50 euros.

The family-owned company said it intends to use the proceeds of about 940 million euros from the IPO to reduce debt.

Potential impact

The listing comes at a time when Germany's automotive industry is increasingly concerned about the fallout from the Volkswagen's (VW) emissions testing scandal.

Revelations last month that VW manipulated emissions data by equipping its diesel-powered cars with faulty software have led to a major sell off of German car industry shares.

Schaeffler and tire maker Continental, in which the Schaeffler family holds a significant stake, are major suppliers to VW.

sri/uhe (dpa, AFP)

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