European companies confront IPO risks as Renk cancels float

FRANKFURT/LONDON - Buoyed by positive investor feedback and growing optimism around new stocks, German gearbox supplier Renk was on track to make its Frankfurt market debut in early October.

It is planning to raise around 1 billion euros from the share sale, the person added. The company did not respond to a request for comment. Renk in a statement on Wednesday evening cited a"clouded" market environment for its decision to pull its planned listing, which would have given it a potential valuation of up to 1.8 billion euros.

Renk's IPO was set to follow hot on the heels of German medical glass producer Schott Pharma, which last week saw its shares rise 16% on its first day of trading. On Thursday it was trading around its opening IPO price at 30 euros, still above its issue price, a positive sign.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European companies confront IPO risks as Renk cancels floatBuoyed by positive investor feedback and growing optimism around new stocks, German gearbox supplier Renk was on track to make its Frankfurt market debut in early October. That was until this week, when the company decided to pull its listing in the final hours of Wednesday, blaming market conditions. In the coming weeks, a string of European companies are slated to come to market.Among them is CVC Capital Partners, which is still planning a November listing depending on market conditions, a person with knowledge of the matter told Reuters.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Sanofi to explore acquisition of cancer drugmaker Mirati\u002D Bloomberg NewsExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »