February 2, 2018 / 7:52 AM / 10 months ago

CORRECTED-UPDATE 1-Instone eyes valuation up to 943 mln euros in Frankfurt listing

(Corrects to read listing (not IPO) and clarify not all shares sales by Instone)

* Sets Frankfurt stock market listing for Feb. 15

* To sell 7 mln new shares, 13.35 mln existing shares

* Sets IPO price at 21.50-25.50 euros per share

* To have market cap of 795-943 mln euros

FRANKFURT, Feb 2 (Reuters) - German residential property developer Instone Real Estate Group has set its flotation on the Frankfurt stock exchange for Feb. 15 and said it could reach a market value of almost 950 million euros ($1.2 billion).

The placement will be Germany’s second stock market listing of 2018, which is expected to be a blockbuster year for IPOs. Drugmaker Dermapharm plans to list on Feb. 9.

The placement will comprise 7 million new shares from a capital increase and 13.35 million shares from fund holdings by ActivumSG Capital Management at a price of 21.50 to 25.50 euros each, the company said on Friday.

Up to 3.05 million shares from ActivumSG have also been earmarked for over-allotments.

That will give the company a market capitalisation of between 795 million euros and 943 million euros, Instone said.

Deutsche Bank and Credit Suisse are organising the flotation with the help of Morgan Stanley, BNP Paribas and Unicredit.

Instone was formed by a merger of peer GRK and Formart, part of German builder Hochtief, which specialist real estate investor Activum bought in 2014 for about 300 million euros. ($1 = 0.7996 euros) (Reporting by Maria Sheahan; Editing by David Goodman)

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