German property developer Instone targets March IPO: sources
FRANKFURT (Reuters) – German residential property developer Instone Real Estate is targeting a flotation on the Frankfurt stock exchange in March, adding to a growing pipeline of spring listings in Germany, people close to the matter said.
The company is working with Morgan Stanley, BNP Paribas and Unicredit as bookrunners on the deal alongside global coordinators Deutsche Bank and Credit Suisse, the sources said.
Instone and the banks declined to comment or were not immediately available for comment.
The transaction, which may value the company at 700 to 800 million euros ($845-970 mln), joins Siemens’ Healthineers unit and healthcare group Dermapharm, both of which plan to go public before Easter as well.
Reporting by Arno Schuetze and Alexander Hübner; Editing by Georgina Prodhan