Tag: Deutsche Post

Deutsche Post has set an ambitious subscription price range of Euros 31.50-Euros 36.50 for shares in its retail banking unit Postbank, the biggest German initial public offering for more than three years. The price range, agreed between Deutsche Post and its bankers Deutsche Bank and Morgan Stanley late yesterday, values Germany’s biggest retail bank at between Euros 5.2bn (Dollars 6.4bn) and Euros 5.9bn – well above most fund managers’ estimates.

But Klaus Zumwinkel, Deutsche Post chief executive, said he was confident the mail and logistics group “had found the right price range” for Postbank, which he called a “solid growth-oriented investment”.

Deutsche Post set the subscription price for new shares in its banking unit Postbank, in a flotation marked by tensions with Deutsche Bank, Germany’s biggest bank.

Deutsche Post, the semi-privatised German postal authority, said it put the price at between 31.50 and 36.50 euros for the June 7-18 subscription period for the initial public offering (IPO).