Report: Evonik planning initial public offering in June

German industrial group Evonik plans to carry out an initial public offering (IPO) before the summer break despite the recent turmoil on financial markets, Evonik and its owner, the RAG foundation, said, the Financial Times reported. Evonik did not reveal when exactly its shares will start trading on the stock market. Financial sources recently said June 25 will be the first trading day on the prime standard of the Frankfurt Stock Exchange (FSE). The RAG foundation, which includes representatives of the federal government, states and trade union IG BCE, controls 75% of Evonik. Last year, Evonik managed to raise its earnings before interest, tax, depreciation and amortization (EBITDA) by 17% on the year to €2.8 billion (US$3.5 billion) and revenue grew 9% to €14.5 billion (US$18.2 billion).