July 14, 2015 / 10:14 AM / 2 years ago

Pfandbriefbank guides to lower end of IPO price range -source

FRANKFURT, July 14 (Reuters) - German property lender Deutsche Pfandbriefbank is guiding investors to expect an issue price in the lower part of the range it has given, a source familiar with the deal said.

The person said PBB was now guiding for a range of 10.75-11.25 euros ($11.86-$12.42) a share in its initial public offering planned later this week, according to a source familiar with the deal.

“Books are covered comfortably within this range,” the person said on Tuesday.

PBB last week set the price range for its IPO at 10.75 euros to 12.75 euros, aiming to raise between 1.16 billion euros and 1.37 billion euros in gross proceeds.

Investors can order shares until Wednesday with trading slated to start on Thursday. ($1 = 0.9060 euros) (Reporting by Arno Schuetze; Editing by Georgina Prodhan)

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