Siemens Energy, the main shareholder of Siemens Gamesa, debuted on the Frankfurt Stock Exchange this Monday at a price of 22.01 euros per share, which represents a market valuation of almost 16,000 million euros, thus completing the spin-off of the German industrial conglomerate which started several months ago.

The firm has 67% of the Spanish wind turbine manufacturer, from whose shareholders Iberdrola left this year after months of disagreements, including legal proceedings.

All in all, the premiere of Siemens Energy has been bumpy. The company fell 13% in the early stages of the session, although at the close of the session it lost 3.63% to 21.21 euros, below the price at which they began to trade.

Siemens has distributed 55% of the capital of Siemens Energy to its shareholders and another 9.9% to its pension fund.

The spun off company, which encompasses Siemens’ power and gas business, has a workforce of 91,000 employees in more than 90 countries, and one of its main assets is Siemens Gamesa itself.

Although it has 35% of the capital, Siemens plans to sell shares during the next 18 months, but will maintain a blocking stake of 25% for the next five years. The parent rose to 9% on the stock market, the biggest gain since March.

The decision to separate Siemens Energy falls within the restructuring that CEO Joe Kaeser has undertaken for the giant German conglomerate.

Kaeser has already launched the subsidiary of the health business, Siemens Healthineers, and tried to merge the rail business with Alstom, an operation that was rejected by the European competition authorities.

The plan is based on the fact that each Siemens market area faces different challenges. “As an independent company, we now have the business flexibility we need to help shape the global transformation of energy markets in a sustainable and economically successful way,” said Siemens Energy CEO Christian Bruch.

The company’s chief financial officer, Maria Ferraro, explained that Siemens Energy “intends” to distribute between 40% and 60% of the consolidated net profits after taxes among shareholders.

“Our mission is to support our clients in the transformation of global energy markets and, at the same time, increase the value for shareholders,” said the executive.