Deutsche Bank said that it would offload 20% of its stake in the asset management business, DWS, through an IPO that values the business at up to €7.2bn.
The offering includes sale of 40 million existing shares, for €30 to €36 per share. The bank also reserves the right to offer up to 4.78 million shares from its indirect holdings in case of strong demand.
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At the same time, it may also offer an up to 5.21 million shares from its indirect holdings to cover potential over-allotments.
The move is expected to fetch proceeds of between €1.5bn and €1.8bn for the bank.
Japan’s Nippon Life Insurance Company has agreed to purchase a 5% stake in DWS at the issue price as an anchor investor.
The German lender first announced plans to float its asset management business in March 2017 as part of its turnaround strategy. The business managed €700bn in assets at the end of December 2017.
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