Chronext Postpones IPO, Citing Unfavorable Market Conditions
Chronext Postpones IPO, Citing Unfavorable Market Conditions
(Bloomberg) --
Online luxury-watch retailer Chronext AG is postponing its initial public offering, joining dozens of listings that have been pulled worldwide over the past month.
Chronext cited unfavorable market conditions for growth companies and said it was still determined to go through with the sale as soon as conditions stabilize. It had targeted Oct. 8 for its first trading day and planned to raise as much as 230 million francs ($247 million), including an over-allotment option.
The digital platform that sells new and pre-owned timepieces, mostly from third-party distributors, planned to use the proceeds to grow its product offering, to expand into new markets, for M&A opportunities and to repay debt. The business of Chronext, which was founded in 2013, is currently focused on Germany, Austria and Switzerland.
Several companies in Europe, including health-care property company Icade Sante SAS, have put plans on ice over the past month. A raft of listings coming to market in recent weeks means investors have become picky about where they put their money. Equity markets worldwide have also turned volatile amid soaring energy prices, faster inflation and a debt crisis at China Evergrande Group.
Chronext Sets IPO Price Range at CHF16 to CHF21 Per Share
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