The city of Hamburg is set to raise up to €1bn ($1.4bn) through a flotation of its port operator, in one of Germany's last remaining privatisations and amid analyst predictions of a downturn in the country's share offerings.

Hamburg will list about 30% of HHLA, its fast-growing port operator, in Germany's second biggest initial public offering this year after diesel maker Tognum's €2bn float in July.