Osram Licht AG, a German lighting and specialty lighting manufacturer second only to Philips, saw a drop in its shares by 2.4% after going public on Monday following the spin-off from Siemens AG of Munich.

After opening at Eur 24, the company's shares quickly slumped to a low of Eur 22.995 before settling at Eur 23.65 by 0755 GMT according to a Reuters report.

Siemens said Osram is worth about Eur 3.2 billion.

The spin-off of Osram Licht from its parent company, Siemens, became official on July 5 as the company was officially entered into the Commercial Register. Osram is also deep into restructuring after waiting a little too late while the rest of the world is already shifting to LEDs from the old light bulbs.

As a result, the company is shedding off fat by letting go of 8,000 workers and trimming down its manufacturing plants to 33 from the original 43 in the effort to save about Eur 1 billion in three years.