Siemens Energy Recovers After Initial Slump on Frankfurt Debut

Listing is latest step to simplify huge Siemens conglomerate
Market capitalization pegged at around 16 billion euros

WATCH: Siemens Energy’s listing marks the next step in the unwinding of the giant German conglomerate. (Source: Bloomberg)

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By Richard Weiss and Oliver Sachgau

September 28, 2020 at 4:00 AM UTC

Updated on

September 28, 2020 at 9:50 AM UTC

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Siemens Energy AG shares recovered after dipping as much as 13% on debut in Frankfurt, though the market value of the company whose technology is behind roughly one-sixth of the world’s electricity remained below expectations.

The shares were little changed at 11:45 a.m. in Frankfurt, hovering around the opening price of 22.01 euros. That represents a market capitalization of about 16 billion euros ($18.6 billion), compared with the 17 billion-euro net book value parent Siemens AG flagged ahead of the spinoff.