Thyssenkrupp's tk accelis starts trading in top German listing of 2026
FRANKFURT - Materials trader tk accelis makes its stock market debut on Wednesday in Germany's biggest listing so far in 2026 and conglomerate Thyssenkrupp's latest move to become a holding company.
Thyssenkrupp is spinning off 49% of its tk accelis shares to existing investors and retaining a majority in the business which buys, sells and processes materials such as steel and alloys and manages their warehousing.
With Airbus, BP, Tesla and Volkswagen among its customers, tk accelis accounts for around 15 500 employees, or around 17% of Thyssenkrupp's total, as well as €11.4-billion ($12.7-billion), or nearly a third, of group sales.
Brokerage Jefferies, in a study ahead of the spin-off, estimated the enterprise value of tk accelis at between €2.6-billion and €4.8-billion, adding that its shares could start trading at between €29 and €64 each.
In July, tk accelis said it was targeting an adjusted core profit margin of 4% to 5% over the medium term, compared with 2% during the 2024/2025 fiscal year, and has singled out the US market as a key location for expansion.
The Thyssenkrupp unit is gaining autonomy as the materials sector consolidates. Smaller German rival Kloeckner & Co is being acquired by US firm Worthington Steel and US peers Ryerson and Olympic Steel are merging.
The spin-off continues Thyssenkrupp's strategy of divesting substantial stakes in its operating divisions, including minority stakes in warship builder TKMS and hydrogen division Thyssenkrupp Nucera.
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