NEW YORK/AUGSBURG (dpa-AFX) - A good three months after the IPO of tank transmission manufacturer Renk, its main shareholder Triton is cashing in. Ten million Renk shares were placed with institutional investors at a unit price of 25 euros, the investment banks involved announced on Thursday evening. The price was thus five percent below the Borsen closing price of Renk shares. The news was correspondingly poorly received by investors on Friday.

Renk shares, which are listed on the SDax, lost more than four percent to 25.22 euros in the morning. Driven by the expectation of higher defence spending, their price had climbed from the issue price of 15 euros to almost 40 euros at the beginning of April within just under two months. Subsequently, however, disillusionment set in. On Thursday evening, a Renk share still cost 26.30 euros at the close of trading.

The financial investor Triton had floated Renk on the stock exchange in February. Most recently, the company still held 62 percent of the shares. Following the sale of shares that has now been reported, its stake is now reportedly 52 percent./stw/lew/men