German wind turbine maker Senvion has decided not to pursue the previously announced private placement and listing of shares on the Frankfurt Stock Exchange, saying ” recent market volatility” is the main reason for the company abandoning IPO plans.
Earlier this month, Senvion announced plans to offer up to 29.9 million of its shares at a price range of between EUR 20 to EUR 23.50 per share. The trading of the shares was planned to start on 18 March, subject to market conditions.
Senvion planned to use the proceeds from the IPO to improve the company’s visibility as it expands into new markets.
The New York-based private investment firm Centerbridge Partners bought Senvion from India’s Suzlon Energy Limited in April 2015. In November 2015, Offshore WIND reported on Centerbridge’s plans to list Senvion, or possibly even sell the Hamburg-based company.
The IPO was at the time expected to value the company at EUR 1.5 billion.