Traton trading at mid-point of IPO range in gray market

MILAN: Shares in Volkswagen's truck unit Traton were trading on the gray market at around the mid-point of its initial public offering price range ahead of its market debut on Friday.

According to German broker Lang & Schwarz, Traton shares have traded at a low of 29.25 euros to a high of 30.95 euros over the past week, although volumes are low.Volkswagen aims to raise up to 1.9 billion euros through the IPO, scaling back earlier ambitions to list up to a quarter of the unit by opting to float a 10per cent stake.

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