tk accelis' stock market debut falls short of expectations

Trading start of tk accelis Thyssenkrupp brings materials division onto the stock exchange As of: October 28, 2026 • 4:50 p.m

The industrial group Thyssenkrupp has already spun off its naval shipyards and hydrogen business. Now the materials subsidiary follows with its own shares. And there are even further plans.

The industrial group Thyssenkrupp is already bringing its third subsidiary onto the stock exchange - this time the business with materials such as flat steel, stainless steel or aluminum. The company has spun off and shares in the company called tk accelis are now traded separately. The first price was recorded today at 27.80 euros. This made Europe's largest materials dealer worth 1.77 billion euros. Analysts had expected a little more.

Ilse Henne, head of tk accelis, was still satisfied in an interview with the ARD financial editorial team: "We have been preparing for the IPO for months, almost years. The trading floor was happy with the price and that's why I am too."

“Becoming even more agile,” Ilse Henne, CEO of tx accelis, on the IPO of her company tagesschau24, October 28, 2026 • 9:00 a.m. At its peak, the share price climbed to 30.52 euros. In return, Thyssenkrupp shares fell significantly. The parent company temporarily lost more than 16 percent and was quoted at around 12.29 euros. Thyssenkrupp shareholders had one accelis paper booked into their depots for every 20 shares.

Thyssenkrupp boss Miguel Lopez spoke of the “beginning of a new chapter” for the division. The parent company remains the majority owner of tk accelis with a share of 51 percent.

For Lopez, the next step is to convert the former industrial group into a financial holding company. “As a whole, the company is worth less,” explains Martin Steinbach from the consulting firm EY. It is hoped that a spin-off will increase value by positioning the company more clearly on the capital market.

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Last year, Thyssenkrupp successfully listed its marine division TKMS on the stock exchange. In the case of the hydrogen division Nucera, on the other hand, investors had expected more from the share price in the summer three years ago.

The topic of hydrogen has completely disappeared from investors' investment focus, says stock market professional Jürgen Molnar from RoboMarkets: "Now you just have to see whether the issue of material procurement isn't being underestimated. Because that's money that's always being earned."

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This is also shown by a look at the numbers: The former Thyssenkrupp Materials Services employs around 15,500 people in 30 countries and achieved annual sales of 11.4 billion euros last year. That's almost a third of Thyssenkrupp's total sales.

The most important customers include Airbus, BP, Tesla and Volkswagen. The company also operates artificial intelligence business. It equips data center control cabinets with copper and aluminum parts. In the future, tk accelis wants to develop from a classic materials dealer into a specialist who can organize the entire supply chain for customers.

After the materials division's stock market debut today, Thyssenkrupp boss Miguel Lopez is already thinking about the next IPO. The ailing steel division should also find its way onto the stock exchange. Ilse Henne, the division's supervisory board chairwoman, also confirmed this today.

This topic in the program: tagesschau.de | Next Thyssenkrupp spin-off: tk accelis goes public | 2:57 p.m. | October 28, 2026