March 20, 2018 / 4:52 PM / 2 years ago

Books for IPO of Deutsche Bank unit DWS are two-and-a-half times covered: source‍​

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

FRANKFURT (Reuters) - The books in the planned initial public offering of Deutsche Bank’s (DBKGn.DE) asset management unit DWS are covered by 2-1/2 times, a person with direct knowledge of the matter said on Tuesday.

The bookbuilding started last week and will run until March 22, with the stock slated to start trading on the Frankfurt Stock Exchange on March 23. Books generally need to be at least covered twice for any IPO to go through smoothly.

Deutsche Bank set the price range for the planned IPO of DWS at 30 to 36 euros a share, valuing the division at 6-7.2 billion euros ($7.4-8.9 billion).

A spokesman for DWS wasn’t immediately available for comment.

Reporting by Arno Schuetze and Hans Seidenstuecker; Writing by Tom Sims

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