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.
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