Word: postbank
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Dates: during 2004-2004
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...Spanish broadcaster Telecinco had soared by more than 20% at the end of its debut week, while Italy's state-controlled utility Enel cheered the flotation of its national power-grid owner Terna. And even after a bungled lead-up, investors piled in for a 33% share of Postbank, Germany's largest retail bank, generating €1.55 billion for parent Deutsche Post. Will investors tire? "The cash is there," insists Walter Kemmsies, head of European equity strategy at JPMorgan. "The market for IPOs is open." Next up: France Télécom hopes to raise €1.8 billion...
...well below the height of 398 billion in 2000, according to Dealogic, which tracks transactions. Bankers say European IPOs this year could easily total €30 billion. The biggest deals expected: Belgacom, worth some €4 billion, and the €2.5 billion listing of Deutsche Post's Postbank. What's driving the resurgence? For starters, stock markets are posting gains again. Companies have put years of restructuring behind them and are profitable...