Osram shares slump in market debut after Siemens spin-off

 
City A.M. Reporter
SHARES in Osram Licht fell as much as 2.4 per cent on their stock market debut yesterday, as some investors sought an exit following the lighting company’s spin-off from engineering group Siemens.

Having opened at €24 (£20.66), giving the company a market value of about €2.5bn, shares in the company fell to a low of €22.99.

“That is just a snapshot,” Osram finance chief Klaus Patzak said.

“The share price and the valuation will settle over the coming weeks.”

Siemens is spinning off 80.5 per cent of Osram, the world’s secondbiggest player in the lighting industry after Philips, as it seeks to focus on its most profitable businesses. Osram’s stock market debut comes less than a week after Deutsche Annington – a property portfolio owned by Guy Hands’ Terra Firma – abandoned its planned flotation after weak demand