🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

German gearbox maker Renk Group postpones IPO

Published 04/10/2023, 23:14
Updated 04/10/2023, 23:15
© Reuters.
RWEG
-

(Reuters) - German defence contractor Renk Group said on Wednesday it has decided to postpone its planned initial public offering (IPO), citing a "clouded" market environment.

The start of trading in Renk shares had been scheduled for Oct. 5. But the company, which supplies gearboxes for Germany's Leopard battle tank, said in a statement it was considering the option of an IPO at a later date.

Renk last month had announced plans for a listing on the Frankfurt Stock Exchange which could see its private equity owner Triton sell part of its stake.

The company had said it would price its IPO at 15 to 18 euros per share, which would have given it a potential valuation of up to 1.8 billion euros ($1.89 billion).

In its IPO announcement, the Augsburg-based company had indicated it was well positioned to capitalise on "megatrends", including a "higher need for security and the energy transition".

But the IPO market has been slow to recover after rising interest rates and Russia's invasion of Ukraine all but froze new listings last year.

($1 = 0.9519 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.