* GSW to float shares at 19 euros apiece
* Total issue volume of 468 million euros
* First day of trading planned April 15
FRANKFURT, April 14 German property group GSW
will float its shares at 19 euros each, at the bottom of the
previously given range, when it debuts on the Frankfurt stock
exchange on Friday, the group said on Thursday.
The group, which last month set the issue range at 19 to 24
euros, is set to be the biggest flotation in Germany so far this
year. Total issue volume will amount to approximately 468
million euros ($677.6 million).
The group, owned by a consortium of Goldman Sachs's (GS.N)
Whitehall fund and private equity firm Cerberus [CBS.UL], last
year shelved plans for a listing, in which the owners would have
floated up to 63 percent of GSW, raising up to 491 million
The initial public offering (IPO) was postponed indefinitely
amid concern about turmoil on equity markets triggered by
Greece's debt crisis. [ID:nLDE64402V]
Last month, GSW said it planned to use proceeds from the
issue, in which it aims to list shares both in Frankfurt and
Berlin, to finance purchases of apartments in Berlin and pay
Deutsche Bank (DBKGn.DE) and Goldman Sachs (GS.N) have been
mandated as joint global coordinators and joint bookrunners for
the IPO. Berenberg Bank, Commerzbank (CBKG.DE), HSBC Trinkaus,
Kempen und UniCredit (CRDI.MI) are co-Lead managers, GSW said.
Several planned IPOs have recently been called off or
delayed as volatile markets spooked investors, especially in the
aftermath of the Japanese earthquake, tsunami and nuclear
crisis, but issuer sentiment appears to be recovering.
Factbox on the EMEA IPO pipeline: [ID:nLDE72F1SW]
Graphic on the global IPO cancellation rate:
Earlier this month German engineer Norma (NOEJ.DE) and
Chinese luxury handbag producer Powerland PWLD.DE started
trading on the Frankfurt stock exchange. [ID:nLDE737093]
Another company tipped to float in the coming weeks is
German discount fashion retailer Adler.
(Reporting by Josie Cox; Editing by David Cowell)