Covestro soars on debut

Oct 6 2015, 07:34 ET | By: Yoel Minkoff, SA News Editor

Covestro, the polymer business spun off from drugmaker Bayer (OTCPK:BAYRY), rose as much 12.5% in its first day of trading today in Germany's largest IPO in more than eight years.

The sale was more than three times over-subscribed, Chief Financial Officer Frank Lutz declared.

The rise comes after Covestro was forced to scale down its IPO amid a turbulent period in global stock markets, seeking to raise €1.5B (instead of €2.5B) and slashing its price range to €24 (from an initial €26.50-€35.50).

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