Deutsche Bank AG narrowed the price range of asset management unit DWS' IPO to between €32 and €33 per share from between €30 and €36 per share earlier, Reuters reported March 21.
The new price range implies proceeds of up to €1.65 billion and a market capitalization for DWS of as much as €6.6 billion, the newswire said, citing Morgan Stanley, which is serving as book runner on the deal. The previous price range would have valued the unit at up to €7.2 billion and raised proceeds of up to €1.8 billion.
Deutsche Bank aims to offload approximately 25% of the business, or up to 50 million shares, through the listing. The final issue price is expected to be announced March 22, while the shares will begin trading on the Frankfurt stock exchange March 23.