The Luxembourg Stock Exchange today reported the successful admission of the non-voting shares of automotive parts company Schaeffler AG to trading.
Schaeffler is the parent company of the German Schaeffler Group, a leading global supplier to the automotive and industrial sectors. It is one of the largest family-controlled technology companies around the world, with a reach of 50 countries comprising 84,000 employees.
Around 25% of Schaeffler's share capital, distributed as a total of 166 million shares, have been listed and admitted to trading on LuxSE's regulated market. Proceeds raised from the share sale will reportedly be used to reduce the company's external debt financing and create financial flexibility for its future growth.
66 million shares of the 166 million listed on LuxSE were newly issues, and all were non-voting shares with preferred dividend payments and no par value.
The shares opened trading at €13.50, giving the company a total capitalisation of around €8,964 billion. This share listing provided by Schaeffler joins the 28 existing bonds of the company's subsidiaries that are already listed in Luxembourg.
