Deal size cut doesn’t save Deutsche Annington
Deutsche Annington, the German landlord, came tantalisingly close to rescuing its IPO on Tuesday evening before eventually deciding to postpone the issue. The company had cut the deal size a couple of hours before the end of bookbuilding but it became difficult to keep the book together.
“It came very close but you can’t just put any deal out
there,” said one syndicate banker. “Anytime you reduce the deal size it’s difficult
to get people to stick.”
Tuesday had started with the bookrunners giving a message
that they were more than 80% covered on the base deal, which then
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