OREANDA-NEWS. Covestro AG (ISIN: DE0006062144) has been listed in the Prime Standard of the Frankfurt Stock Exchange since 6 October. A total of 62.5 million shares were placed in the IPO. The total issue volume was approximately €1.5 billion. The initial listing price was €26.00; the issue price €24.00.

The IPO was accompanied by Deutsche Bank and Morgan Stanley. Both also act as a designated sponsor on Xetra. Baader Bank has the role of the specialist on the Börse Frankfurt venue.

Covestro, formerly Bayer MaterialScience, is a Bayer Group company. According to information provided by the company, Covestro is among the world’s largest polymer companies, with 2014 sales of €11.7 billion. Business activities are focused on manufacturing high-tech polymer materials and developing innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction as well as sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014.