Corestate cancels IPO
The planned IPO of Corestate Capital Holding S.A. will not take place. Originally, the company's shares were to be listed on the Frankfurt Stock Exchange for the first time on Wednesday, Nov. 4.
Sascha Wilhelm: "The market environment for small and mid cap issues has deteriorated significantly since we announced our IPO."
According to Corestate, the "current difficult market environment for IPOs in the equity markets of Germany and England, which are important for the company, led the company and the main shareholders to cancel the IPO."
Sascha Wilhelm, CEO of Corestate, affirms: "The market environment for small and mid cap issues has deteriorated significantly since the announcement of our IPO. The attractiveness of our business model continues to increase and our growth targets will be fully achieved in 2015. There is therefore no reason on the part of shareholders or the Company to deviate from our expansion plans for 2016."
According to information from moneycab Corestate Capital apparently lacked interest from major investors. The real estate company Intershop holds a stake of around 28 percent in Corestate and wanted to part with some of its shares. Corestate expected gross proceeds of around 100 million euros from the IPO. New shares from a capital increase and existing shares held by existing shareholders were to be sold in order to achieve a free float of over 50 percent. (ah)
