AIRLINK 196.50 Increased By ▲ 2.94 (1.52%)
BOP 10.25 Increased By ▲ 0.30 (3.02%)
CNERGY 7.88 Decreased By ▼ -0.05 (-0.63%)
FCCL 39.80 Decreased By ▼ -0.85 (-2.09%)
FFL 17.09 Increased By ▲ 0.23 (1.36%)
FLYNG 27.12 Decreased By ▼ -0.63 (-2.27%)
HUBC 133.95 Increased By ▲ 1.37 (1.03%)
HUMNL 14.10 Increased By ▲ 0.21 (1.51%)
KEL 4.78 Increased By ▲ 0.18 (3.91%)
KOSM 6.64 Increased By ▲ 0.02 (0.3%)
MLCF 47.18 Decreased By ▼ -0.42 (-0.88%)
OGDC 214.79 Increased By ▲ 0.88 (0.41%)
PACE 6.96 Increased By ▲ 0.03 (0.43%)
PAEL 42.00 Increased By ▲ 0.76 (1.84%)
PIAHCLA 17.15 No Change ▼ 0.00 (0%)
PIBTL 8.50 Increased By ▲ 0.09 (1.07%)
POWER 9.60 Decreased By ▼ -0.04 (-0.41%)
PPL 183.96 Increased By ▲ 1.61 (0.88%)
PRL 42.90 Increased By ▲ 0.94 (2.24%)
PTC 25.15 Increased By ▲ 0.25 (1%)
SEARL 109.80 Increased By ▲ 2.96 (2.77%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.11 Increased By ▲ 4.01 (10%)
SYM 17.86 Increased By ▲ 0.39 (2.23%)
TELE 8.96 Increased By ▲ 0.12 (1.36%)
TPLP 13.06 Increased By ▲ 0.31 (2.43%)
TRG 67.60 Increased By ▲ 0.65 (0.97%)
WAVESAPP 11.68 Increased By ▲ 0.35 (3.09%)
WTL 1.83 Increased By ▲ 0.04 (2.23%)
YOUW 3.97 Decreased By ▼ -0.10 (-2.46%)
BR100 12,249 Increased By 204.5 (1.7%)
BR30 36,933 Increased By 352.6 (0.96%)
KSE100 115,663 Increased By 1625.1 (1.43%)
KSE30 36,398 Increased By 603.9 (1.69%)

Germany's biggest lender Deutsche Bank launched asset management arm DWS onto the Frankfurt stock market Friday, with shares in the subsidiary climbing higher than the asking price in early trading. After the opening bell rang, the stock reached 32.55 euros ($40.17) in the first minutes, slightly higher than the 32.50 target price.
The result is encouraging for the bank, which had set the price below the middle of its mooted range of between 30 and 36 euros. It aimed to raise 1.4 billion euros rather than the 1.8 billion a sale at 36 euros could have brought in. Deutsche's starting price for the 44.5 million shares offered to investors - amounting to 22.25 percent of DWS - valued the entire company at some 6.5 billion euros.
An insider had told AFP Thursday that the initial public offering (IPO) was "oversubscribed by 2.5 times". DWS is widely regarded one of struggling Deutsche Bank's crown jewels. With around 700 billion euros of assets under management, it has booked profits over the past three years - leaping 40 percent last year to 633 million euros - while the parent company remains in the red.
But it is far smaller than giants of the sector like US-based Blackrock, which boasts some 5.1 trillion euros in its portfolio. Floating DWS is a milestone for Deutsche Bank chief executive John Cryan. Since his installation in 2015, the British CEO has been battling to turn around Deutsche, aiming to return it to profitability while restructuring the business and clearing up thousands of legal entanglements, many of them dating back to the financial crisis.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.