Thyssenkrupp's tk accelis valued at close to $2 billion in German market debut

By Christoph Steitz and Alexander Hübner

FRANKFURT/MUNICH, Oct 28 (Reuters) - Shares in materials trader tk accelis were valued at €1.7 billion ($1.9 billion) in a muted stock market debut on Wednesday as parent Thyssenkrupp pressed ahead with its transition to a holding company structure.

In the spin-off, Thyssenkrupp distributed 49% of tk accelis' 63.5 million shares to existing investors while retaining a majority stake. The stock opened at €27.80 and closed around 1.9% lower at €27.28 apiece.

The listing, Germany's biggest so far in 2026, marks the latest step in Thyssenkrupp's efforts to reshape itself. The company said tk accelis has evolved beyond materials distribution to provide specialised services across the supply chain.

"We have now taken another very important step towards the transformation of Thyssenkrupp from an industrial conglomerate into a financial holding company," Thyssenkrupp CEO Miguel Lopez told Reuters.

tk accelis buys, sells and processes materials including steel and alloys and manages their storage and distribution.

The business employs about 15,500 people, or 17% of Thyssenkrupp's workforce, and generates €11.4 billion in annual sales, nearly a third of group revenue. Its customers include Airbus, BP, Tesla and Volkswagen.

Including financial debt of €710.6 million, according to the listing prospectus, the valuation was at the lower end of some analyst estimates.

Jefferies had estimated tk accelis' enterprise value, including debt, at €2.6 billion to €4.8 billion, and said the shares could start trading between €29 and €64.

Thyssenkrupp shareholders, who received 1 tk accelis share for every 20 shares they own in the parent, saw the value of their combined holding fall nearly 8% compared with Thyssenkrupp's closing price on Tuesday.

In July, tk accelis said it was targeting a medium-term adjusted core profit margin of 4% to 5%, up from 2% in the 2024/25 fiscal year, and identified the US as a key growth market.

The business is gaining greater independence as the materials sector consolidates. Smaller German rival Kloeckner & Co is being acquired by US company Worthington Steel, while US peers Ryerson and Olympic Steel are merging.

The spin-off continues Thyssenkrupp's strategy of reducing its ownership in operating businesses, including warship builder TKMS and hydrogen unit Thyssenkrupp Nucera.

($1 = 0.8993 euros)

(Reporting by Christoph Steitz and Alexander Huebner; Additional reporting by Kira Britten; Writing by Ludwig Burger; Editing by Joe Bavier and Mark Potter)