Signs that trouble lies ahead for share offerings in European airports became evident with the less than spectacular performance of the initial public offering for Frankfurt’s airport operator Fraport last month – one of Germany’s biggest offerings this year.
The lead banks, Morgan Stanley and Dresdner Kleinwort Wasserstein, were forced to cut the indicative price for the issue to between e32 and e37, far below the e39 to e47 that they had been hoping to fetch for the near 30% stake.
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