The initial public offering (IPO) of Deutsche Telekom (DT)
in 1996 - DT1 – was, at the time, the biggest ever
German IPO and marked the start of a wave of German equity
offerings accompanied by an increasing "equity culture" in
Germany. The second tranche - DT2 - involved a capital increase
of Deutsche Telekom in 1999 with an innovative structure
designed to be able to price a rights offering close to the
market prices prevailing at the end of the bookbuilding period.
The offering included a pan-European public offering in eleven
2000 was initially promoted as the year of T3 - a three step
offering of shares of the DT-group commencing with the IPO of
T-Online International (the internet business of DT), a further
tranche of Deutsche Telekom shares, and the IPO of T-Mobile
International that was subsequently postponed to 2001 in view
of the Voicestream acquisition. DT offerings generally are big.
But the size of DT3 -...