Covestro on the Stock Market
In a rapid ascent, Covestro already figured among the 80 most important listed companies in Germany around two months after its IPO. In December 2015, the materials manufacturer – formerly Bayer Material- Science – was included in the MDAX stock index.
The MDAX includes the 50 companies that rank immediately below the 30 DAX titles. “We are delighted to be included in the MDAX and proud that this step has occurred so quickly,” said Covestro CFO Frank H. Lutz. “It reflects the gratifying performance of our stock and the great interest displayed by investors since our flotation on October 6, 2015. Membership in the MDAX will further enhance the perception of Covestro on the global financial markets.” The Covestro share is now no longer listed only on the Frankfurt Stock Exchange, but on every other German stock exchange as well.
The stock market flotation was a further important step for Covestro in a new era of independence. The gross issue proceeds of €1.5 billion were mainly used to pay down debt to the Bayer Group, not least with the aim of achieving a good investment-grade rating.