(Bloomberg) -- Spanish bakery firm Europastry SA postponed its initial public offering, becoming the latest European firm to halt listing plans amid the region’s faltering IPO revival.  

Europastry enjoyed broad support from investors in recent months, but unfavorable market conditions in the past few weeks and heightened volatility during elections in Europe prompted management and shareholders to pause the IPO, according to a statement.

The company, which had €1.3 billion ($1.4 billion) of net turnover in 2023, continues to perform well and the IPO remains a strategic objective, the statement shows. 

The decision is a setback for Spain, after hosting the biggest listing this year in May with Puig Brands SA’s €2.7 billion IPO. Financial markets have been roiled by the announcement of a general election in France and some companies have already opted to wait for better opportunities to tap investors.

French President Emmanuel Macron’s decision earlier this month to meet the far-right’s gains across Europe with a snap poll at home has upended markets across the region, triggering a sharp repricing that’s put billions of euros in flux. The UK is also set to go to the polls on July 4.

The move comes just over a week after Italian sneaker maker Golden Goose Group SpA postponed its Milan listing on concerns that the stock would fall on its debut. It cited a deterioration in market conditions in its decision.

Europastry’s float would have been the second listing in Spain in the year following beauty and fragrance group Puig’s May debut.

The offering would have consisted of new shares to raise €225 million and shares sold by existing stakeholders, according to an earlier statement. Bloomberg News had reported that the IPO could raise €500 million.

Earlier this year, Spanish car and auto-parts logistics company Bergé y Compañía also scrapped intentions to list its Astara unit amid lukewarm investor interest.

IPO volumes in Europe are returning to normal levels after enduring the slowest year in over a decade. Companies debuting on European exchanges raised $14.27 billion in the year to date, nearly equaling the amount raised in all of 2023, data compiled by Bloomberg show.

(Updates with details of postponed listing in eighth paragraph.)

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