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07/05/2019 14:18:54
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Börse Frankfurt News

Uber goes public at NYSE - and becomes tradable in Frankfurt right away

If Uber, the US driving service agent, goes public on the New York Stock Exchange on Friday, investors will be able to trade the stock almost simultaneously on the Frankfurt Stock Exchange. A same-day inclusion makes this possible.
7 May 2019 FRANKFURT (Frankfurt Stock Exchange). The IPO of the Uber is one of the largest placements in recent years. The shares can be subscribed for at 44 to 50 US dollars, a total of 207 million shares will be offered, which corresponds to a capital increase of approx. 10 billion US dollars. In total, a good 1.6 billion shares are to be admitted. Valued at the middle of the subscription range, this would correspond to a market value of 75 billion US dollars.

The NYSE has announced the admission for Thursday. The issue price will most likely also be published by the company on Thursday. Trading with the first price fixing will probably start on Friday at 14:30 German time.

The prerequisite is, of course, that the start of trading is successful and that the price is fixed in the USA. By the way, this can take much longer than in Frankfurt, since the New York Stock Exchange uses a different procedure for determining prices when going public. In case of the Chinese Internet company Alibaba in July 2015, it took more than two hours to fix the first price. Snap took about one hour in 2017. On the Frankfurt Stock Exchange, the first price is usually determined after 15 minutes.

Regardless of how one evaluates the return potential of an investment in Uber shares and whether one believes in the growth history of the platform and sharing economy - one thing is definitely remarkable: Local investors can trade the shares on Xetra and Frankfurt floor directly after the IPO on the NYSE.

Follow us and the Uber-IPO on Twitter and Instagram: We accompany New York IPOs with inclusion on Xetra and the Frankfurt floor in the social networks.

Twitter account from Frankfurt Stock Exchange

Instagram account from Frankfurt Stock Exchange

Many foreign stocks on offer

Of the 10,500 companies whose shares are traded on the Frankfurt Stock Exchange, only just under 1,000 have their home market in Frankfurt, the remainder are foreign stocks. The home market is the stock exchange on which a company is listed primarily. As a rule, the company has gone public there and complies with its transparency rules. Normally, the traded volume of a share is highest on the domestic market, where the reference price is set by which the other stock exchanges orient themselves.

The other almost 10,000 stocks on the Frankfurt Stock Exchange have had their initial listing on another stock exchange and have been included in Frankfurt trading by specialists. These shares are listed on the Quotation Board, which does not entail any further transparency obligations.

The range of companies included is large and extends from US blue chips such as General Motors to small Taiwanese technology stocks. If the original shares cannot be traded abroad, as is the case with Russian shares, for example, exchange certificates, so-called DRs for Depository Receipts, which represent a deposited share, are often offered instead. A few companies have a dual listing, such as Fiat.

Bid and ask quotes according to the home market principle

For large international standard stocks, such as the companies in the Euro Stoxx 50 or the S&P 100, the specialists on the Frankfurt floor offer the home market principle and even give a quality guarantee on it. They buy and sell shares at the price on the home exchange and charge a small premium for their service - but it is still much cheaper for investors than trading directly in New York, for example.

For smaller stocks outside trading hours on the home market or for larger orders, a comprehensible risk premium is added, as the specialists cannot orient their pricing on a liquid reference market. This is why it usually makes sense to buy or sell foreign stocks when their main exchange is open.

On your markt, done, Uber

If Uber launches the course on the New York floor, German investors can also trade the shares immediately.

And this is how it works: Trading starts at 9:30 a.m. local time on the US stock exchange. Then the first price for the Uber share is determined.

As soon as the first price based on supply and demand is determined on the Nasdaq after 14:30 local time, the share can be traded on the Frankfurt Stock Exchange both on the floor and on Xetra.

Oddo Seydler manages the stock as a specialist in Frankfurt floor trading and provides bid and ask prices on an ongoing basis.

Whether you want to buy or sell the stock at all is of course a completely different question and depends on your personal assessment of the company and its perspective. The Frankfurt Stock Exchange at least enables you to do so.

by Edda Vogt

7 May 2019, © Deutsche Börse AG

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