March 22, 2018 / 6:30 PM / 5 months ago

Deutsche Bank asset management arm DWS sets IPO price at 32.50 euros

BERLIN (Reuters) - DWS, the asset management arm of Deutsche Bank, said on Thursday the price for its initial public offering was set at 32.50 euros per share, giving the business a market capitalisation of 6.5 billion euros (£5.7 billion).

The headquarters of the Deutsche Bank's DWS Asset Management is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski

The proceeds and valuation are less than the bank had originally hoped for, but the start of trading, scheduled for Friday on the Frankfurt Stock Exchange, will mark the most tangible milestone yet in Chief Executive Officer John Cryan’s struggle to restructure the flagship German bank.

Reporting by Victoria Bryan. Editing by Jane Merriman

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