German Postbank IPO volume not expected to be cut due to ‘good’ demand
Postbank AG’s planned IPO volume of around 81.9 mln shares is not expected to be reduced because demand from foreign investors is ‘good’, Boersen-Zeitung said, citing bankers involved in the listing.
The report said the level of subscription volume however cannot as yet be estimated because investors will only sign up for the offer on the final day of the subscription period itself, which is this Friday.
It said Postbank chief executive Wulf von Schimmelmann is on a roadshow in New York while management board member for private clients Wolfgang Klein is in Denver and Minneapolis.
Postbank’s June 21 IPO is offering 81,999,999 shares, representing 50 pct minus one share of the capital of Deutsche Post World Net AG’s banking retail arm.
The German media has reported the IPO has generated a low level of interest, with bankers citing the price range of 31.50-36.50 eur as too high.
