Deutsche Bank AG further narrowed the price for asset management unit DWS' IPO to between €32.50 and €33 per share, Reuters reported, citing Morgan Stanley, which is serving as book runner on the deal.
The latest price range still implies proceeds of as much as €1.65 billion and a market capitalization for DWS of up to €6.6 billion, according to the newswire. The German lender on March 21 narrowed the issue price to between €32 and €33 per share from the original price range of between €30 and ?€36 per share.
Deutsche Bank plans to off-load about 25% of the business, or up to 50 million shares, through the listing. The shares are scheduled to begin trading on the Frankfurt Stock Exchange on March 23.