(Bloomberg) -- Industrial machinery maker Renk AG opened 17% higher as it started trading in Germany in one of the busiest days for the European initial public offering market in recent months.

The stock was trading at €17.20 at 09.25 a.m. in Frankfurt on Wednesday, after opening at €17.50, up from the listing price of €15. Renk’s private equity owner Triton raised €500 million in the share sale.

The stock touched a high of €18 earlier in the session. 

This is Triton’s second attempt at listing Renk. The private equity firm pulled a planned IPO last year amid a volatile stock market. 

Triton bought a 76% stake in Renk in 2020 from Volkswagen AG, the German carmaker that was at the time divesting assets in the wake of a diesel-emissions scandal. Renk, which also makes pumps, compressors and gearboxes for the oil and gas industry, had a market value of about €750 million when the deal was agreed.

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