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German property developer Instone targets March IPO: sources

Published 01/12/2018, 12:15 PM
Updated 01/12/2018, 12:20 PM
© Reuters.  German property developer Instone targets March IPO: sources
CSGN
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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.

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