October 1, 2018 / 7:22 AM / 2 months ago

Knorr-Bremse books for initial public offering covered: bookrunner

FRANKFURT (Reuters) - German brake systems maker Knorr-Bremse has attracted bids for all shares on offer in its initial public offering planned for later this month, one of the bookrunners handling the transaction said on Monday.

While books are covered - including the shares offered as part of a over-allotment option - bankers say that IPOs generally need twice as many bids as shares on offer to be successful.

The offer period, which started on Monday, runs until Oct. 11, with the first day of trading scheduled for Oct. 12.

The price range for the offering of existing shares, sold by the owners Heinz Hermann Thiele and his family, is 72 to 87 euros apiece, reflecting a potential market capitalization of 11.6 to 14 billion euros.

Reporting by Arno Schuetze; Editing by Michelle Martin

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