Shares in Technip Energies soar more than 30% on first trading day
2/16/2021 5:38:48 PM
PARIS, Feb 16 (Reuters)—Shares in Technip Energies skyrocketed on Tuesday, the first trading day after Franco-American oilfield company TechnipFMC split its engineering and construction activities from its upstream oil services business.
Shares were up 31.5% at €11.83 at 0901 GMT ($14.38), above the IPO reference price of €9.00.
TechnipFMC on Monday completed its spin-off deal to create two publicly traded companies, TechnipFMC and Technip Energies.
Technip Energies, which specializes in engineering and technologies for liquefied natural gas, hydrogen and ethylene, said last month it aimed for 2021 revenue of between €6.5 B and €7 B.
The company also said it targeted an operating margin of between 5.5% and 6% this year.
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