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German medical technology company Brainlab has postponed its planned stock market list just two days before its scheduled debut, marking the latest setback in Europe’s struggling IPO market.
Bookrunners had already signalled on Monday that the company’s offering would price lower than the 80-100 euro range that its offering was shown.
Although the order book was said to have been oversubscribed multiple times at that level, bankers wanted Brainlab to focus on artificial intelligence and surgical robotics in the expansion of the health sector.
However, those familiar with the decision said the company’s shareholders were unhappy with the composition of the investor in the order form. “The quality of the book didn’t seem that strong for its market debut,” the person said.
The decision comes a week after Auto-parts retailer AutoDoc postponed its emergence, with bankers citing weak investor demand and geopolitical uncertainty. Earlier this year, drug maker Stada postponed its IPO plan amid market volatility.
So far, there have been two IPOs in the Frankfurt stock market. Innoscripta is a craftsman from an euro 500 million electronics company and a software company of 1.2 billion euros.
