AUGSBURG (dpa-AFX) – The drive technology manufacturer Renk will not go public. In the last few days, the market environment has noticeably deteriorated, it said in a statement from the company published late on Wednesday evening a few hours before the planned entry into the trading floor. The option of an IPO at a later date will be examined by Renk and the owner Triton. The investment company specializes in medium-sized companies in the areas of services, healthcare, consumer goods and industry.
Renk had targeted a range of 15 to 18 euros and, according to previous information, wanted to offer up to a good 27 million shares. The free float should amount to up to 27 percent. The papers should be traded on the Frankfurt Stock Exchange from Thursday.
According to sources, 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.
Renk produces, among other things, gearboxes for vehicles and ships, but also for industrial plants, where they are used, for example, in industrial heat pumps. The product portfolio also includes couplings, plain bearings and testing systems. According to its own information, the company serves customers from the defense industry as well as in civilian end markets./he
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