MADRID (Reuters) – Spanish bank Ibercaja has postponed its proposed initial public offering (IPO) due to volatility in international financial markets, it said in a notice to Spain’s stock market watchdog on Tuesday.
The bank’s board of directors has decided to wait “until the markets return to a situation of normality before proceeding with its IPO”, says Ibercaja.
A source familiar with the matter told Reuters on Tuesday that the bank is now planning an IPO on the Madrid Stock Exchange in April, up from the previously targeted mid-February.
Ibercaja unveiled its IPO project in January, which would concern existing shares held by Ibercaja Foundation, which controls 88% of the capital.
At the end of the IPO, the foundation would only hold 46% of the capital of Ibercaja.
Last week, the WeRock Group, which owns the document-sharing service WeTransfer, announced the cancellation of its planned IPO on the Amsterdam Stock Exchange due to financial market volatility.
(Report by Inti Landauro and Jesús Aguado; Blandine Hénault for the French version, edited by)
click here for restrictions
©2022 Reuters