tk accelis, a subsidiary of Thyssenkrupp, will begin trading in Germany's largest listing in 2026

Reuters Frankfurt, October 28 - Commodity trader tk accelis (link) TKCC.DE will make its market debut on the German stock exchange on Wednesday, marking Germany's largest listing so far in 2026 and the latest step in diversified group Thyssenkrupp's TKAG.DE transformation into a holding company.

Thyssenkrupp will spin off 49% of its holding in tk accelis to existing investors (link), while retaining majority ownership of the company, which handles procurement, sales, processing, and warehouse management of raw materials such as steel and alloys.

tk accelis' clients include Airbus AIR.PA, BP BP.L, Tesla TSLA.O, and Volkswagen VOWG_p.DE. The company has around 15,500 employees, accounting for roughly 17% of Thyssenkrupp’s total workforce, and generated sales of 11.4 billion euros (12.7 billion US dollars), representing nearly one-third of the group’s total sales.

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In a research report published ahead of the spinoff, investment bank Jefferies estimated tk accelis' enterprise value at 2.6 billion to 4.8 billion euros, adding that the initial trading price of its shares could be between 29 and 64 euros per share.

In July, tk accelis indicated (link) that its mid-term goal is to achieve an adjusted core profit margin of 4% to 5% (compared to 2% in fiscal year 2024/2025), and has identified the US market as a key area for expansion (link).

As the materials sector consolidates, this Thyssenkrupp subsidiary is gaining greater autonomy (link). Smaller German rival Kloeckner & Co KCOGn.DE is being acquired by US company Worthington Steel WS.N, while US-based Ryerson RYZ.N and Olympic Steel are merging.

This spinoff continues Thyssenkrupp’s strategy of selling significant stakes in its operating units, including the sale of a minority interest in warship builder TKMS TKMS.DE (link) and the sale of a minority stake in hydrogen business Thyssenkrupp Nucera NCH2.DE (link).

(1 US dollar = 0.8961 euros)

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