Ledermann Scraps IPO on Lower-Than-Expected DemandSimeon Bennett
Ledermann Immobilien AG, a Swiss real estate company, said it postponed its planned initial public offering because of lower-than-anticipated interest for its shares.
“The demand turned out to be lower than initially expected,” the Zurich-based company said in an e-mailed response to questions. “There is no pressure for us of going public. For that reason we don’t have to force the IPO.”
Ledermann, which was scheduled to start trading today, said earlier that it was suspending the IPO, the first one this year in Switzerland, “for the time being,” without giving a reason. The real estate company had planned to raise as much as 130 million Swiss francs ($144 million) in the sale, which UBS AG was to manage. Zuercher Kantonalbank was the co-lead manager.
The company, founded in 1979, owns 60 properties in the Zurich area that were valued at 626 million francs at the end of June, according to its website. Most of them are residential buildings.
At least 10 IPOs have been postponed or withdrawn in Europe this year, according to data compiled by Bloomberg.