Close up - DT3 sets the standard in global offerings for 2000

Author: | Published: 1 Nov 2000

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 countries.

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 -...