MTU Aero Engines, the German aero engines manufacturer, has floated on the Frankfurt Stock Exchange, representing an exit for KKR.

The shares were priced at E21.89 per share, at the top of its E19 to E22 price range. The IPO was seven times oversubscribed. The total transaction volume was E788.7m.

Kohlberg Kravis Roberts (KKR), which held a 91.9% stake in MTU, has sold 20.65 million of its shares. The firm will hold 29.3% of the company for the next six months.

KKR acquired its stake in MTU in a E1.45bn transaction in November 2003. Reports suggest the firm has tripled its investment.

MTU is the eighth company to go public on the Frankfurt Stock Exchange this year. With an issuing volume of E2.3bn since the beginning of 2005, Frankfurt is the second most active market for new issues in Europe so far this year.