“Germany's innogy flounders in Frankfurt market debut”
German utility RWE’s green subsidiary innogy had a cautious stock market debut with shares “hovering around the issue price,” writes news agency Reuters. On the first day, shares dropped below the issue price of 36 euros at times, but reached that level again at the close of trading. “We are very, very content. This is good for innogy’s cash register, this is good for RWE’s cash register,” said Peter Terium, chief executive officer of RWE and innogy. At 5 billion euros, it was Germany’s largest stock market debut since 2000, but experts said innogy didn’t have much room for growth, writes Reuters.
For background, read the CLEW dossier Utilities and the energy transition.