(Bloomberg) -- Schott Pharma AG shares surged on their first day of trading after the drug-industry supplier’s €813 million ($854 million) initial public offering, the biggest in Germany this year.

The stock rose as much as 13% in Frankfurt. Schott AG, a maker of specialty-glass products owned by the Carl Zeiss Foundation, sold 30.1 million shares in its pharma unit. They traded at €30.2 as of 3:11 p.m. in Frankfurt. 

The success of the Covid-19 vaccines and now a new generation of obesity medicines has boosted demand for containers and delivery systems for injected medicines. Schott’s products include pre-filled syringes and vials specially designed to foil drug counterfeiting.  

Schott Pharma’s revenue grew 27% in the last fiscal year as it produced about 13 billion items that allowed drugmakers to store and administer medicines. Earnings before some items rose by a third. 

Frankfurt is turning out to be a rare bright spot in Europe’s still-dreary market for IPOs, with German companies listing at a faster clip than their counterparts across the continent. Other local listings this year include green hydrogen company Thyssenkrupp Nucera AG and web hosting firm Ionos SE.

The Qatar Investment Authority is buying €200 million of Schott Pharma stock at the IPO price as a cornerstone investor.

BNP Paribas SA, Bank of America Corp. and Deutsche Bank AG led the share sale, with Jefferies Financial Group Inc. and Citigroup Inc. in cooperation with Commerzbank AG and LBBW as joint bookrunners.

(Updates with share price in second paragraph)

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