29 March 2010 17:34 [Source: ICIS news]
PRAGUE (ICIS news)--Germany’s Brenntag saw its initial public offering (IPO) given a warm reception on its first day of trading on the Frankfurt stock exchange, the chemical distribution group said on Monday.
The shares, which were issued on Saturday at €50 ($67.6) each, were trading on the exchange at €54.38 by 16.58 GMT.
The issue raised €747.5m for Brenntag’s owner, London-based private equity firm BC Partners.
Brenntag has been the fourth company to float successfully on ?xml:namespace>
A share price of slightly over €52 has given Brenntag a market capitalisation of around €2.7bn, it added.
In February credit ratings agency Moody's placed all Brenntag ratings on review for a possible upgrade. Moody's said the proceeds from the IPO's capital increase would be used to strengthen the group's capital base.
Brenntag is the world leader by revenues in the distribution of chemical products.
($1 = €0.74)
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