Shares in Uniper have risen in the first morning of trading after the newly formed company was floated on the Frankfurt stock exchange.
The company’s debut on the stock market marks the completion of the spin-off of Eon’s conventional power generation and energy trading operations into a separate company.
Shareholders of Eon were allocated 53.35% of shares in Uniper when the split was officially registered in Germany on Friday. They received one Uniper share for every 10 shares they owned in Eon.
Effectively, the two companies have been operationally independent since Uniper came into being at the start of 2016.
Uniper is not listed in the main indices on the Frankfurt stock exchange, unlike its parent company Eon which is listed on the blue chip index DAX.
It is likely that this will have provided some downward pressure on Uniper’s share price, as indices trackers offloaded their newly created stocks.
Nonetheless, having been floated in an opening auction at a price of 10.015 Euros, the shares gained ground over the first half of the day.
Speaking ahead of the floatation, Johannes Teyssen, Eon Chief Executive, commented: “Eon and Uniper now have every opportunity to be successful with their clear focus on their respective segments of the energy industry. They can now develop without compromises and serve the needs of their respective customers.
“This strategy is the right way forward for Eon, for Uniper and for the customers, shareholders and employees of both companies. The new and the classical energy worlds are so fundamentally different that they each require a totally different entrepreneurial approach.”
Shares in Eon fell by 13% in the first half an hour of trading, meaning that the company’s value decreased by around 2 billion Euros to around 13.85 billion Euros, before falling further to 7.05 Euros per share.