Frankfurt am Main: Germany’s biggest lender Deutsche Bank launched asset management arm DWS onto the Frankfurt stock market on Friday, with shares in the subsidiary climbing higher than the asking price in early trading.
After the opening bell rang, the stock reached 32.55 euros ($40.17) in the first minutes, slightly higher than the 32.50 target price.
The result is encouraging for the bank, which had set the price below the middle of its mooted range of between 30 and 36 euros.
It aimed to raise 1.4 billion euros rather than the 1.8 billion a sale at 36 euros could have brought in. Deutsche’s starting price for the 44.5 million shares offered to investors — amounting to 22.25 per cent of DWS — valued the entire company at some 6.5 billion euros.
An insider had said that the initial public offering (IPO) was “oversubscribed by 2.5 times”. — AFP
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