Strong interest from retail investors has meant the €900m ($770m) initial public offering (IPO) of Fraport, the company that operates Frankfurt Airport, is already half covered with more than a week until the end of bookbuilding.

Investors have subscribed for more than half the issue, even though bookbuilding for the deal is not scheduled to close until June 8, with private investors able to place orders until June 7. The majority of orders have come from retail investors, as institutions tend to place their orders later in the process. That way they have time to watch the equity markets, meet the management and try to gauge the amount of demand for the stock.