DWS Group made its debut on the Frankfurt Stock Exchange on Friday (23) with a capitalisation of €6.5 billion.
The value was based on a debut price of €32.55 per share for the asset manager which has €700 billion of assets under management.
DWS and Deutsche Bank executives - gathering to ring the bell on the trading floor - used the opportunity to show a new brand logo.
Nicolas Moreau, chief executive of DWS (pictured with Claire Peel, chief financial officer), 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.”
In February DWS said it would float at the” earliest available window”.
Retail investors oversubscribed but those that placed orders with syndicate banks were allocated approximately 5.3% of the total placement volume of 44,500,000.
For each order with a German syndicate bank, retail investors were allocated 60 shares plus 25% of the remaining demand up to a maximum of 1,000 shares. Orders with a demand of less than 100 shares were fully allocated.
The principles for the allocation of shares to retail investors issued by the ministry of finance’s stock exchange expert commission were followed and the allocation to retail investors in connection with the offering followed the same criteria for all syndicate banks and their affiliated institutions.
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