DWS debuts slightly up on Frankfurt Stock Exchange

Friday, 23. March 2018 09:37

The asset management segment of Germany's largest lender was met with cautious optimism in the initial public offering on Friday. DWS Group Gmbh und Co. KGaA, formerly Deutsche Asset Management International GmbH, started 0.77% higher at €32.75 per share in Frankfurt and struggled to hold amid a broad market selloff. Deutsche Bank AG picked the brand as an homage to Deutsche Gesellschaft für Wertpapiersparen, its first registered name.

The price was set at €32.5 a share, translating to €1.4 billion for the 22.5% stake and compared to the target range of €30 to €36. DWS traded flat at 9:37 am CET.

Nippon Life reportedly took 5% stake and Tikehau Capital SCA of France purchased almost 4% of the offshoot. The firm is registered as a partnership limited by shares, meaning minority stakeholders should have little say in management.

Meanwhile, Deutsche Bank was the worst performer in the DAX, plunging 3.55% to €11.236 per share, the weakest point since November 9, 2016. The benchmark index dropped 1.5% to 11,918.62 points, a level unseen since March 5.

Related Links: DWS Group GmbH & Co. KGaADeutsche Bank AG
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