Bankers are taking comfort from the completion of the first initial public offering on the German main exchange for six months, even though the deal raised less than half its potential total.
The €8m ($7m) IPO of Vivacon, the German property developer, could have comprised up to 1.5 million shares, but ended up with just 700,000. Despite this, Andreas Beyer, head of Virtuelles Emissionshaus (VEM), the small-cap investment bank that led the deal, said: "Almost nobody had expected that we would be able to raise €8m. The signal for the market must be positive."
