22.06.2006

Demag Cranes IPO raises less than expected

Demag Cranes initial public offering today raised €235 million, substantially less than the €500 million that was predicted just last week.
See Demag Cranes IPO story 13/6/06

Just over 50 percent (10.7 million shares) of a possible 16.9 million shares were taken at €22 per share. It was thought that shares might reach €31 each.
Trading in the shares is expected to commence tomorrow on the Frankfurt stock exchange.

The relatively poor showing comes as stock indexes have dropped on concerns that economic growth will slow as central banks around the world raise interest rates to combat inflation.