Deutsche Post has raised €1.56bn ($1.88bn) from the long-awaited initial public offering of Deutsche Postbank, its retail bank, after a lack of demand from investors forced a delay and restructuring of the planned €3bn share sale.

Postbank finally got away at €28.50, near the bottom of the revised range of €28 to €32. It was trading 1.2% up by mid-morning. The German mail company first tried to raise up to €3bn by selling shares at between €31.50 and €36.50 each. It would have been Germany's largest IPO for four years.