Demag IPO Discount cranes

KKR has bowed to the inevi-table and significantly sweet-ened the terms of its German crane IPO. It now hopes to float Demag Cranes - the company it jointly owns with Siemens - for E22 each, a 30% discount to the mid-point of its original indicative price range of E26-E31 a share. The buyout group has also cut the size of the deal. It is now looking to raise up to E270m with the share sale compared to about E460m previously. But KKR had little choice but to sweeten its offer if it wan-ted to cas...