Under its new global umbrella brand DWS, Deutsche Asset Management is now a (partially) listed company.
Its shares started trading on the Frankfurt Stock Exchange this morning.
The first price per share was €32.55, giving the asset manager a market capitalisation of around €6.5bn. The placement price was €32.50 per share. The price range for the share offering had been between €30 and €36 per share.
The initial public offering (IPO) was oversubscribed, with 44,500,000 shares placed in total. Retail investors that placed orders with syndicate banks were allocated around 5.3% of the total placement volume.
Deutsche Bank remains DWS’s majority shareholder. Japan’s Nippon Life Insurance Company previously agreed to acquire a 5% stake in DWS at the IPO price.
Nicolas Moreau, CEO of DWS, said: “The listing is an important milestone in the history of DWS that makes us very proud. We are very satisfied with the demand for our shares and we now want to capitalise on that tailwind.”
Moreau and DWS chief financial officer Claire Peel jointly rang the stock exchange bell on the trading floor this morning.