German property firm Domicil seeks to raise 150 million euros in IPO

BERLIN (Reuters) - German property company Domicil Real Estate AG said on Wednesday it plans an initial public offering with the goal of raising 150 million euros ($164 million) from the sale of new shares to fund its growth.

Domicil, based in Munich, said in a statement that it had won the backing of insurance companies Signal Iduna and Die Bayrische, who have between them agreed to invest 15 million euros in the offering.

The company reported revenue of 367 million euros in 2018 and operating profit of 30 million euros. It plans to list this year on the Prime Standard, or regulated market, of the Frankfurt Stock Exchange.

Citigroup is acting as sole global coordinator and joint bookrunner on the deal, with Baader Bank as joint bookrunner.

Reporting by Douglas Busvine; Editing by Muralikumar Anantharaman