Deutsche Bank values asset management at up to 7.2 bn euros in IPO

Deutsche Bank set the price range for the planned initial public offering of its asset management unit on Sunday, valuing the division at up to 7.2 billion euros ($8.86 billion).

In what is expected to be one of Germany's biggest listings this year, Deutsche Bank plans to sell up to 25 per cent of the business, or a maximum of 50 million shares at a price range of between 30 euros and 36 euros each, it said on Sunday.

That would raise proceeds of between 1.5 billion and 1.8 billion euros, less than the maximum the bank had initially hoped for. Going into the deal, the IPO had been expected to raise between 1.5 billion and 2 billion euros, valuing the unit at between 6 and 8 billion euros, people close to the matter have said.

The listing of the business, known as DWS, has been more than a year in the making and will mark the most tangible milestone yet in Chief Executive Officer John Cryan's struggle to restructure the flagship German bank.