GSW IPO to price price shrs between 15-18.50 eur

FRANKFURT, April 22 (BestGrowthStock) – Property company GSW seeks
to place 140 million euros worth of shares when it lists on the
Frankfurt Stock Exchange on May 7, adding to a growing list of
companies that are tapping shareholders for cash.

The price range for the initial public offering will be set
at 15-18.5 euros per share, resulting in a freefloat of 62.7
percent, the company said in a statement late Friday.

GSW aims to raise cash in the IPO to lower its debt and
strengthen its balance sheet. [ID:nLDE6380KL]

GSW was founded in 1924 by the city state of Berlin, which
sold it to a consortium of Goldman Sachs’s (GS.N: ) Whitehall fund
and Cerberus [CBS.UL] in 2004.

GSW has a portfolio of 49,700 apartments in Berlin, betting
that Germany’s capital will grow in attractiveness going
forward.

GSW’s current owners will place up to 15,300,000 shares and
up to 9,333,333 new shares will be offered as part of a capital
increase, GSW said. A further 3,694,999 will be offered as part
of a greenshoe option.

Investors can buy the shares between April 26 and May 6,
2010.

The deal included that GSW would receive a
three-digit-million euro sum in case of listing.
(Reporting by Edward Taylor)

GSW IPO to price price shrs between 15-18.50 eur