On Tuesday, Germany's biggest residential real estate corporation, Deutsche Annington, said it wanted to raise Eur575 million to Eur592 million in its initial public offering. The company's original target was to get up to Eur1.2 billion.
Deutsche Annington lowered its goal after its stocks suffered in the stock market listing.
Terra Firma TERA.UL was the private equity group that owned majority shares in the firm. Guy Hands, a British financier, directed Terra Firma. It suggested to reduce the number of shares that was about to be sold. However, the corporation still aimed to raise the same amount as before by selling new shares.
Deutsche Annington listed for an IPO so that it could pay its pile of debt.
Three sources acquainted with the placement stated that later on Tuesday, the bookbuilding procedure for Deutsche Annington's share sale would end. In Thursday, the trading was set to begin.
"The books including greenshoe are covered," one of the sources said who referred to other possible chunk of shares. Terra Firma was expected to sell more depending on the level of need.
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