(AOF) – Syensqo gains 11.7% to 93.02 euros for its first day of trading on Euronext: the Solvay spin-off, focused on specialty chemicals, saw its birth approved by shareholders last week. At its opening price of 90 euros per share, Syensqo had a market capitalization of 9.5 billion euros.
Solvay announced in mid-November that Syensqo’s portfolio of solutions would aim to respond to “major disruptive trends”, including “electrification, lightweighting, connectivity and quality of life”.
The objective set from March 2022 by Solvay was to highlight its more promising, more profitable and less cyclical “specialty chemicals” activities, after its competitor Arkema had successfully refocused on these same activities in recent years. . The new company aims to be “at the heart of the transition to a climate-neutral economy”.
A historic moment
“We are delighted with our entry on Euronext,” said Dr. Ilham Kadri, CEO of Syensqo. “With Syens in our name and ticker, we are officially launched as a science-based company, and one of the largest listed specialty companies in the world. Born from a rich heritage, vision and a history in science, innovation and technological disruption, our company is ideally placed to respond to major development trends, conducive to accelerating our long-term growth while committing to a positive impact on the planet.
The new group announced in mid-November 2023 that the achievement of its medium-term objectives “should generate more than 7 billion euros in liquidity between 2024 and 2028”. Syensqo then set itself as financial objectives for 2028 on an organic basis: net sales growth of 5% to 7% over the period 2024-2028, an underlying EBITDA margin of around 25% by 2028, and profitability capital employed by some 15% by 2028.