DEUTSCHE Annington, Germany’s largest residential real estate company, is taking a fresh stab at a stock market listing, albeit with lowered ambitions a week after its initial attempt failed.
The firm, majority-owned by private equity group Terra Firma, said yesterday its initial public offering (IPO) would seek to raise €575m-€592m (£494m-£509m), compared with an original goal of up to €1.2bn.
Terra Firma, led by British financier Guy Hands, has sharply reduced the number of shares it plans to sell, while the company is aiming to raise broadly the same amount as before from offering new shares in order to pay down debt.
After a strong start to the year, Europe’s IPO market has shown signs of faltering recently amid volatile equity markets and as jittery investors drive a hard bargain over price. Two people familiar with the matter said last night that the books for the IPO had closed with only the lower end of the price range oversubscribed.
City A.M. Reporter