STS Group AG (DE000A1TNU68) was just listed on the Frankfurt Stock Exchange today, Deutsche Börse announced earlier.
The automotive supplier is now in the Prime Standard segment and achieved an initial listing price of €24.00, following an issue price of €24.00. This takes the number of IPOs in Frankfurt since the beginning of the year to ten.
STS Group AG was previously wholly owned by holding company Mutares AG (DE000A0SMSH2), which remains its majority shareholder after the IPO. The funds that STS generates through the IPO will be primarily used for further expansion in China and North America, as the company announced. As a global commercial vehicle system supplier for the automotive industry, STS employs more than 2,500 employees worldwide and generated pro forma revenue of around €425 million in 2017.
The IPO was led by Hauck & Aufhäuser, who is also designated sponsor for Xetra trading. The trading specialist on the Börse Frankfurt venue is Baader Bank.