Siemens Energy today started trading on the Frankfurt Stock Exchange, with the opening share price quoted at €22,01 ($25.59), corresponding to a market capitalization of almost €16bn.
Siemens Energy chief executive Christian Bruch said the listing “marks the start of a new, important era in the company’s history”.
“As an independent company, we now have the entrepreneurial flexibility we need to help shape the global transformation of the energy markets in a sustainable and economically successful manner.
“We are also aware of the responsibility this brings with it, because with listing we are not only committed to society, but also to our shareholders.”
He added that “we are now doing everything in our power to seize the opportunities offered by the global energy transformation”.
The listing follows the spin-off of the gas and power business from Siemens AG, which has left Siemens Energy – which makes gas-fired and renewables technologies that account for around one-sixth of the world’s power generation – with 91,000 employees across more than 90 countries.
Chief financial officer Maria Ferraro said the company has “all the ingredients for a good start on the stock market: we are extremely well financed and have a compelling equity story”.
She added that Siemens Energy intends to pay out “between 40 and 60 per cent of consolidated net income after taxes to our shareholders each year”.
Last week Siemens Energy announced that it would will locate its corporate centre in Berlin – the city where Werner von Siemens and Johann Georg Halske founded their company in Berlin in 1847.
Siemens supports Berlin with climate-friendly energy supply
Bruch said that in choosing Berlin, “we are linking the historical roots of Siemens Energy with the shaping of the future, more sustainable energy world. The choice of Berlin will not distract from the important functions of other locations across Germany.”
In a statement, Siemens Energy said the exact location of its headquarters in the city “remains open and a more detailed concept will be developed in the coming months”.