Covestro, the German materials giant, celebrated its first anniversary as a standalone stock market-listed business as its shares reached a record 53.5 euros, more than twice the issue price of 12 months ago.
The company made its debut on the Frankfurt Stock Exchange on Oct. 6, 2015 after splitting off from its then-parent, Bayer AG.
Covestro's shares were issued at a price of 24 euros.
Previously known as Bayer MaterialScience, the new business raised 1.5 billion euros through the stock market listing, which it said was mainly used to repay debt to Bayer in order to achieve an investment grade rating.
Covestro said loans to Bayer had been “repaid in full,” and a bond issue for 1.5 billion euros in the spring of 2016 gave the firm what it called “even greater financial flexibility.”
Frank Lutz, Covestro's finance chief and labor director, said the rise in the company's share price reflected the firm's achievement sin the past 12 months.
“We have outperformed every index where we are represented and which is relevant to us. Every Covestro employee has good reason to be proud of this,” he added.
Covestro recently reported sales for the second quarter of 2016 of 1.48 billion euros, down nearly 10 percent year-on-year, with lower selling prices largely to blame for the dip.
However the group's core volumes saw an increase of nearly 8 percent during the period, boosted by a strong performance in polycarbonate and polyurethane operations.