Deutsche Bank AG set the price range for its DWS asset management division's planned IPO at ?€30 to ?€36 apiece, which values the unit at up to €7.2 billion.
The offering comprises 40 million shares of DWS, representing 20% of the unit's share capital, offered by its 100% shareholder, DB Beteiligungs-Holding GmbH, a wholly owned subsidiary of Deutsche Bank, according to a March 11 release. Deutsche Bank may offer a further 10 million shares, or 5% of the unit's share capital, from its indirect holdings in an upsize and overallotment option.
Nippon Life Insurance Co. has agreed to take a 5% stake in DWS through the IPO at the issue price.
In addition, Nippon Life and DWS have entered into a five-year strategic partnership that will see more assets under management brought under the DWS name, Reuters reported March 12. The insurer will also have a representative on DWS' supervisory board.
Earlier in March, Reuters cited sources as saying that the two parties were in talks for Nippon Life to buy more than a 3% stake in the asset manager.
