Deutsche Bank has lost out on a €150m ($197m) accelerated bookbuilding position for German renewable energy company Conergy after leading its €243m initial public offering last year. JP Morgan has picked up the mandate with Commerzbank, who also worked on the float.

The 2005 float was 29 times oversubscribed but shares fell 21% on their issue price three months later. Bankers said the fall was due to a massive glut in the market as five renewable energy companies floated within months of each other.