German Deutsche Post’s Postbank hopes to raise Eur3 bln from flotation

Postbank, the banking arm of the German postal authority Deutsche Post, is hoping to raise a little over three billion euros (3.6 billion dollars) from its initial public offering (IPO) at the end of June.

In order to estimate its market value, Postbank undertook a comparison with other big listed European banks specialising in retail banking.

The banks lead-managing the flotation estimated Postbank was worth a total 6.1 billion euros.

And since Postbank is hoping to list 50 percent minus one share of its capital on the stock market, it could therefore raise a little over three billion euros, with the shares valued at a maximum of nearly 37 euros.

Postbank was estimating a book-building range of 30.50-36.50 euros.

The newspaper said that anglo-saxon investors had shown interest in the planned IPO on June 21.