Berlin-based residential real estate company GSW has announced that its shares will float on the Frankfurt Stock Exchange at EUR 19 each on Friday. This is the lower end of the range of EUR 19 to EUR 23 announced at the start of April. The aim is to list in both Frankfurt and Berlin.

Berlin-based residential real estate company GSW has announced that its shares will float on the Frankfurt Stock Exchange at EUR 19 each on Friday. This is the lower end of the range of EUR 19 to EUR 23 announced at the start of April. The aim is to list in both Frankfurt and Berlin.

GSW said the issue volume for Friday's IPO will come to EUR 468 mln. The proceeds will be used to repay debt and acquire more apartments in Berlin.

This will make it one of the largest IPOs in Germany for some time and will mark the end of a difficult period for GSW, which has seen previous listing attempts in 2010 derailed because of 'significantly increased volatility and uncertainty in global equity markets'. The Greek debt crisis was the main driver of the uncertainty at the time. The residential property company, owned by Goldman Sachs' Whitehall Funds and US firm Cerberus, had hoped to raise about EUR 491 mln in the first listing attempt.

Deutsche Bank and Goldman Sachs have been mandated as joint global coordinators and joint bookrunners.