* 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 (Reuters) - 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 euros. 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 taxes.
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: r.reuters.com/xyg98r ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
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