Saint-Gobain, the French building materials giant, postpones the IPO of its Verallia subsidiary, due to the "very unfavorable" market conditions, as they are defined in a press release from the group.
The process for the stock market debut of Verallia, active in glass bottles and jars, was launched on 7 June. An IPO on 40%¨ of the company was envisaged with a price range of between 29,5 and 36 euros, which would value Verallia between 1,96 and 2,4 billion. "The offer has received strong interest from both European and North American institutional investors - reads the Saint-Gobain document - but given the current volatility and the strong uncertainty that reigns on the markets, we prefer to postpone the operation".
