Covestro (Leverkusen), formerly Bayer MaterialScience, on Friday said it is planning its stock market flotation at the beginning of October 2015. By way of a capital increase, the company will offer between 70.4 million and 94.3 million new shares at an issue price of between ?26.50 and ?35.50. Covestro is targeting gross proceeds of about ?2.5 billion ($2.84 billion). The number of shares to be issued in the initial public offering (IPO) will depend on the issue price. The subscription period for the shares will run from 21 September until probably 1 October 2015, the company says. The issue price will be set on the basis of a bookbuilding process and the first listing in the regulated market segment of the Frankfurt Stock Exchange is planned for 2 October.
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