FRANKFURT (dpa-AFX) - DWS Group, the asset management arm of Germany's Deutsche Bank, (DB) has priced the initial public offering at 32.50 euros per share.
Deutsche Bank AG had set the price range for shares offered in IPO of DWS Group GmbH & Co. KGaA or 'DWS' between 30.00 euros to 36.00 euros per share.
In total, 44.5 million share existing DWS shares have been placed with new investors, equaling a total placement volume of about 1.4 billion euros, including 4.5 shares shares to cover over-allotments.
The Frankfurt, Germany-based company shares, which will have a market capitalisation of 6.5 billion euros, will start trading on the Frankfurt stock exchange on Friday.
Deutsche Bank, Barclays, Citi, Credit Suisse, BNP Paribas, ING, Morgan Stanley, UBS Investment Bank and UniCredit Capital Markets are the joint bookrunners on the deal.
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