(Bloomberg) -- Spanish bakery firm Europastry SA halted its planned initial public offering, citing the impact of the international geopolitical situation on markets.
The company and the selling shareholders will continue to assess the possibility of a listing when the market situation allows, according to a statement confirming an earlier Bloomberg News report.
The decision comes after Europastry called off an earlier attempt to go public in June, blaming a bout of volatility spurred by EU parliamentary elections.
The latest proposed offering had received enough orders on Sept. 27 to cover the shares offered, according to terms of the deal seen earlier by Bloomberg News. The sale at the top of the marketed range would have raised around €210 million ($235 million) from the sale of new shares and €295 million from shares sold by existing stakeholders.
Europastry would have had a market capitalization of €1.51 billion at the top of the price range, according to the terms. It was planning to list by Oct. 10.
The company’s decision to stand down is also a setback for Spain, after hosting the biggest listing this year in May with Puig Brands SA’s €2.6 billion debut.
Other mid-cap companies in Europe have struggled to go public this year, including Italian sneaker maker Golden Goose SpA, which postponed its listing plans in June.
--With assistance from Pablo Mayo Cerqueiro, Bre Bradham, Macarena Muñoz and Jim Silver.
(Updates with confirmation throughout.)
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