Deutsche Bank AG's (DB) recent capital raise has been a success.

The bank offered €8 billion ($8.5 billion) worth of common stock and saw 98.9 percent subscription to the offering. The stocks, which were offered at €11.65 per share, saw interest from a variety of institutional investors whose identities have been kept confidential. The capital raise increases the total number of no par value shares of DB from 1.379 billion to 2.067 billion. Following the secondary issuance, DB's market capitalization was €32.1 billion by the end of the trading session on Friday, April 7.

The bank's plans to issue new shares were first announced a month ago when the bank's stock reached its highest point in over a year. DB management said in a statement that the capital raise would "raise Deutsche Bank's financial strength to a new level" by bringing the bank's overall leverage lower. (See also: Deutsche Bank Plans to Raise $8.5 Billion.)

The capital raise helped the bank's balance sheet become more sustainable by boosting the firm's Common Equity Tier 1 (CET-1) ratio from 11.8 percent to 14.1 percent as of the last day of 2016. Thanks to higher interest rates in the United States, improving economic data in Europe and widespread cost cutting across DB's enterprise, analysts expect Germany's largest investment bank to see a secular improvement to its capital ratio throughout the year and possibly throughout 2018.

Structural improvements to the bank's balance sheet have not translated into good stock performance for the bank however. DB shares are down 10 percent from the start of 2017 and remain 13 percent below their 52-week high, reached about one month ago. Shares remain up 13 percent from a year ago in Frankfurt, although ADR shares are up only 7.3 percent over the same period as a result of currency effects crimping the bank's value in U.S. dollar terms.