* Price range 41-47 eur/shr
* Offer period will run from Jan. 21-31
* Owners eye IPO of 1.25-1.43 bln euros (Adds details, background)
FRANKFURT, Jan 18 (Reuters) - German residential property group LEG is hoping to raise up to 1.43 billion euros ($1.90 billion) in its planned initial public offering, which could herald more IPO’s in Europe’s largest economy.
The real estate group with 91,000 flats in Germany, which earlier this month announced it would go public, said on Friday that shares would be offered between 41 and 47 euros apiece.
Including a possible over-allotment option, the two financial investors behind LEG will put 57.5 percent of the share capital up for sale as part of the flotation, without issuing new shares.
Majority owner Whitehall, a Goldman Sachs investment fund, will cut its stake to 33.4 percent from 89 percent and 11 percent-owner Perry Capital will reduce its holding to a little over 9 percent.
The offer will reap between 1.249 billion euros and 1.431 billion euros if the over-allotment portion is exercised in full, LEG added. That was more than the roughly 1 billion euros previously expected by people close to the transaction.
While the IPO recovery remains fragile, the lack of activity through much of last year has left a backlog of deals which could come to market in 2013, bankers have said.
Auditor PwC said this month it expects up to 14 IPOs this year in Germany, after the country saw only two sizeable flotations in 2012, of insurer Talanx and mobile phone operator Telefonica Deutschland.
LEG’s offer period will run from Jan. 21-31 with the first day of trading in the Prime Standard on the Frankfurt Stock Exchange slated for Feb. 1.
Goldman Sachs and Deutsche Bank are the main banks managing the transaction.
$1 = 0.7524 euros Reporting by Ludwig Burger; Editing by Elaine Hardcastle