Spanish frozen bakery producer Europastry said it had canceled its market debut expected later this week due to market instability.
'The company and the selling shareholders have decided to cancel the offer due to the international geopolitical situation, which is causing profound instability in the markets,' it said in a filing to CNMV, the Spanish stock market regulator.
Europastry said the company and their shareholders will continue to evaluate the possibility of going public when the market situation allows it.
The Barcelona-based company was planning to sell around 29% of its capital on the market or 31.7%, including the over-allotment option, in an IPO that was expected to be worth approximately up to €555 million.
Founded in 1987, Europastry is controlled by the Galles family. The company operates in the frozen bakery dough sector in more than 80 countries and runs 27 plants in America and Europe.
Europastry IPO
In September, CNMV approved Europastry's prospectus for its initial public offering – its fourth attempt at a listing on the Madrid stock exchange.
The company was aiming to raise approximately €210 million in gross proceeds by offering between 26.93 million and 28.98 million ordinary shares.
Europastry had previously attempted to launch IPOs in 2007 and 2019 without success and last June it was forced to suspend a planned float of at least 25% of its shares on the Spanish bourse after political instability in France rocked European equity markets.
The company recently acquired has acquired Dutch frozen bakery company De Groot Edelgebak, continuing its expansion in Europe.
De Groot Edelgebak boasts a portfolio of 2,000 customers in the bread, pastry, and cake market and aims to achieve a turnover of €16.5 million in 2024.
News by Reuters, additional reporting by ESM.
