Updated version 1 - tk accelis, a division of Thyssenkrupp, made its debut in the German market with a valuation close to $2 billion.

Update: Focus on equity valuation

Reuters Frankfurt, October 28 - Raw materials trader tk accelis (link)'s TKCC.DE debuted on Wednesday with a total share valuation of €1.77 billion ($1.97 billion), as its parent company Thyssenkrupp TKAG.DE transitions to a holding company structure.

As Thyssenkrupp splits off 49% (link) of its 63.5 million tk accelis shares to existing investors, the stock began trading at €27.80 per share.

As Germany's largest stock market deal so far in 2026, Thyssenkrupp will retain the majority of the business's equity. The company is mainly engaged in the procurement, sale and processing of materials such as steel and alloys, and is also responsible for related warehouse management.

tk accelis has about 15,500 employees, accounting for 17% of Thyssenkrupp’s total workforce, with sales of €11.4 billion—nearly a third of the group’s total sales. Its customers include Airbus AIR.PA, BP BP.L, Tesla TSLA.O, and Volkswagen VOWG_p.DE.

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Securities firm Jefferies estimated in a pre-spin-off research report that tk accelis’ enterprise value ranged from €2.6 billion to €4.8 billion, adding that its initial trading price could be between €29 and €64 per share.

In July, tk accelis stated (link) that its medium-term target is to achieve an adjusted core profit margin of 4% to 5% (compared to 2% in fiscal 2024/2025) and has listed the US market (link) as a key area for expansion.

As the materials sector consolidates, this Thyssenkrupp subsidiary is gaining greater autonomy (link). Smaller German competitor Kloeckner & Co KCOGn.DE is being acquired by US-based Worthington Steel WS.N, while American peers Ryerson RYZ.N and Olympic Steel are merging.

The spin-off continues Thyssenkrupp’s strategy of selling significant equity stakes in its operating units, including minority stakes in naval shipbuilder TKMS (link) TKMS.DE and the hydrogen division Thyssenkrupp Nucera (link) NCH2.DE.

(1 USD = 0.8961 EUR)

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