Continental Spinoff Aumovio Valued at €3.4 Billion in Debut (1)

Auto supplier Aumovio started trading on the Frankfurt Stock Exchange on Thursday following a split from Continental AG, leaving the newly independent company to grapple with rising pressures for car parts makers as the German manufacturer refocuses on its tires division.

Aumovio shares traded at €34.12 ($40.37) as of 10:05 a.m. in Frankfurt, giving the new stock a market valuation of about €3.4 billion. The opening price was slightly disappointing, Harry Martin, a Bernstein analyst said, and the market capitalization was below his sum-of-the-parts valuation for the company.

“The majority of conversations I had with investors showed that ...