State-owned German development bank KfW has launched its first offering of Deutsche Post shares in over 18 months with the sale of a stake of up to €1.5bn ($1.91bn).

The shares were priced last night at €20.45, a 0.24% discount to the day's closing price, raising €1.2bn. The float can be increased by about €250m if an over-allotment option is sold.