Osram debuts in stock market

BERLIN: German lighting company Osram, the world’s second largest, had its stock market debut on Monday after spinning off from engineering giant Siemens, and in initial trading the shares fell 3.8 percent.

The shares were issued at 24 euros ($31) but in early deals they fell to just above 23 euros. The offer of 104.7 million shares valued the listed portion of Osram at about 2.5 billion euros ($3.2 billion). Siemens retained 17 percent of the company and the Siemens pension fund kept 2.5 percent.