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Germany

Germany

Senvion cancels IPO

GERMANY: Plans to trade shares on the Frankfurt Stock Exchange this month have been halted due to "market volatility", the company said.

Senvion blamed market volatility for its cancellation of the IPO
Senvion blamed market volatility for its cancellation of the IPO

The German turbine manufacturer was due to begin trading on Friday 18 March and had offered 46% of its outstanding share capital for a private placement last week. 

In a statement, the company said: "Against the background of recent market volatility, Senvion and its shareholders Centerbridge and Arpwood have decided not to pursue a private placement and listing of shares on the terms previously communicated.

"As the offering is secondary in nature, the decision does not affect the growth strategy of Senvion focused on expanding into new markets and the strong momentum the company is experiencing."

Senvion had said it would price shares for the private placement between €20.00 and €23.50 per share.

The firm announced its plans to float on the stock exchange at the end of February, part of its growth plan following the takeover by private equity firm Centerbridge Partners and Arpwood Capital in 2015. It said the move was designed to help it achieve growth in new, emerging markets but would dependent on market conditions. 

The manufacturer's new CEO, Jürgen Geissinger, said at the time an IPO would allow Senvion to be "geared up" for growth in new markets. 

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