M&G Chemicals, a company of the Piedmontese group Mossi & Ghisolfi, postpones the IPO to Hong Kong "in the light of volatile market conditions".
Beyond the decision to postpone the listing process, the company announces its intention to grow its business in China and, thanking the investors who expressed interest during the placement, explains that the amounts subscribed will be repaid "entirely without interest ”.
M&G had already launched the global offer, with the aim of making its debut on 16 December with a free float of 30% (40% in the event of full exercise of the greenshoe option) and using the proceeds, around €400 million, to finance a new plant in China (about half) and Texas (30%), pay off a bridging loan (10%) and the rest to refinance other loans and overhead.
The group closed 2012 with revenues of 1,8 billion and a net profit of 82,7 million euros.
