FRANKFURT, Sept 21 Banks' books for the initial
public offering of Talanx are already covered, three
financial sources said a day after Germany's third-biggest
insurer surprised investors by reviving flotation plans it had
cancelled only last week.
"It's one-time subscribed already," said a financial source
familiar with the book-building process on Friday, the first day
of bookbuilding, a term used to describe the process of finding
potential buyers for new shares.
"It's going well," said a second person also familiar with
Successful IPO's typically have their books twice
Books are due to close on Oct. 1 and the first day of
trading is scheduled for Oct. 2.
Talanx declined to comment.
On Thursday, Talanx revived plans for a stock market
flotation, returning with less ambitious expectations just a
week after renouncing a move to list when potential investors
baulked at the price it wanted for its shares.
Talanx has capped the funds it plans to raise in its IPO at
500 million euros, so stronger investor interest in the share
will not lead to a bigger flotation.
(Reporting by Jonathan Gould and Alexander Huebner)