D. Annington sets range on €1.2bn float
Deutsche Annington, Germany’s largest property firm, set a range on its €1.2bn IPO on Wednesday, positioning itself in line with LEG Immobilien, its most referenced comparable, and one that has underperformed since pricing.
The range was set at €18-€21 a share. On a net asset
value basis, that offers a slight discount to LEG at the bottom, and a slightly
premium at the top. It will be a discount to Deutsche Annington’s most recently
LEG is the most referenced comparable company, bankers
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