New Europastry IPO fiasco due to poor reception

Last minute fiasco of Europastry’s new attempt to break into the market. Bloomberg reported, and sources familiar with the operation later confirmed, that the food company canceled its IPO scheduled for this Thursday at the last minute due to low investor acceptance of the operation. The initial goal, which over time seemed almost unattainable, was to raise 210 million euros, of which it was planned to use 109.1 million for debt reduction and 89.6 million for inorganic growth.

The frozen baked goods company was expected to announce its final share price on Tuesday for its market debut. The company initially placed them in the range of €15.85 to €18.75 per title, corresponding to an initial estimate of €1,327 million to €1,570 million, Europa Press reported.

In a statement sent to the National Securities Market Commission (CNMV) on Tuesday evening, the food company did not provide further details. In this sense, he limited himself to pointing out that the cancellation of the operation in general terms was due to “the international geopolitical situation that is creating deep instability in the markets.”

“When the situation allows”

In any case, the company’s management added that it will continue to “evaluate the possibility of going public when the market situation allows it.” Of course, he avoided specifying any new deadlines in this regard. In any case, this was Europastry’s fourth attempt to enter the market, and again it had to retreat from its plans, this time “as a last resort.”