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European companies confront IPO risks as Renk cancels float

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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. 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.

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.

These experiences so far show that investors are only willing to take bets on new companies if they are deemed to be "must-own" stocks or shares are offered at a significant discount, a European fund manager said. Perfumery chain Douglas and long-distance bus operator Flix are considering IPOs in Germany next year. German shoe brand Birkenstock has chosen New York for its billion-dollar issue.Here's where Wall Street strategists see the stock market headed next after a brutal September

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