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 (NYSE:MS), BNP Paribas (PA:BNPP) and Unicredit (MI:CRDI) as bookrunners on the deal alongside global coordinators Deutsche Bank (DE:DBKGn) and Credit Suisse (SIX:CSGN), 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.