Traton trading at mid-point of IPO range in gray market

Traton trading at mid-point of IPO range in gray market

FILE PHOTO: Visitors stand at the booth of Volkswagen’s truck unit Traton Group, former Volkswagen Truck & Bus AG, in Hanover, Germany September 19, 2018. REUTERS/Fabian Bimmer/File Photo

MILAN (Reuters) – Shares in Volkswagen’s truck unit Traton were trading on the gray market at around the mid-point of its initial public offering price (IPO) range ahead of its market debut on Friday.

According to German broker Lang & Schwarz, Traton shares have traded at a low of 29.25 euros ($33.3) to a high of 30.95 euros over the past week, although volumes are low.

Shares in the IPO are being offered at 27-33 euros.

Volkswagen aims to raise up to 1.9 billion euros ($2.1 billion) through the IPO, scaling back earlier ambitions to list up to a quarter of the unit by opting to float a 10% stake.

By 1213 GMT on Tuesday, shares in Traton were traded at 29.375 euros.

Reporting by Danilo Masoni, editing by Louise Heavens

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