The transmission manufacturer Renk actually wanted to go public today. But just a few hours before the planned start, the company stopped its plan. Such spontaneous cancellations are rare.
The IPO of the drive technology manufacturer Renk planned for today will not take place. The company canceled its plan a few hours in advance. The reason: The market environment has deteriorated noticeably in the past few days, according to a company statement published late on Wednesday evening.
Renk would have been the fourth newcomer to the stock exchange in Germany this year. It is still unclear whether the company will make a second attempt on the trading floor at a later date.
Share sales were slow
The option of a later IPO is being examined by Renk and the owner Triton, it was said. Triton is an investment company that specializes in medium-sized companies in the service, healthcare, consumer goods and industrial sectors.
According to previous information, Renk wanted to offer up to 27 million shares and was aiming for a range of 15 to 18 euros. But apparently the attempt to sell the shares was slow. According to the Bloomberg news agency, the price per share of 15 euros was only at the lower end of the offer range.
Business with defense companies and civilian customers
The company, based in Augsburg, produces, among other things, gearboxes for vehicles and ships, but also for industrial plants. Renk also offers couplings, plain bearings and testing systems. According to its own information, the manufacturer serves customers from the defense industry as well as in civilian markets.
It is unusual for a company to cancel its IPO just a few hours in advance. The last time this happened was in 2013. The private apartment landlord Deutsche Annington backed out because too few shares had been subscribed. In the second attempt, the company, now known as Vonovia, made it onto the stock exchange in 2015.