[ad_1]
A Leopard 2 tank gear transmission in a production hall at the Renk AG plant in Augsburg, Germany, on Monday, May 8, 2023.
Bloomberg | Bloomberg | Getty Images
German defense contractor Renk on late Wednesday announced it would indefinitely postpone its initial public offering on the Frankfurt Stock Exchange scheduled for the following morning.
“In the past days, the market environment has clouded noticeably,” the company said in a statement, providing no further details.
CNBC has contacted Renk for comment.
The company said that it and its majority shareholder, investment firm Triton, are considering going public at a later date.
Renk produces parts for a range of civil and military machines and vehicles, including Germany’s Leopard 2 tank that are being supplied to Ukraine.
Shares were set to be offered in a price range between 15 euros ($15.77) and 18 euros, with a total placement volume between 405 million and 486 million euros.
The company would have seen a potential valuation of up to 1.8 billion euros, Reuters reported.
Renk group CEO Susanne Wiegand previously said the firm saw “strong momentum” in its core business and intended to use the IPO to “tap further options for supporting our growth.”
German pharmaceutical firm Schott Pharma debuted in Frankfurt last week — in the exchange’s third listing of the year so far — with shares climbing above its target range.
[ad_2]
Source link
