Spain's Volotea Said to Postpone IPO Plans Amid Market Turmoilby , , and
Airline and investors planned to raise about 150 million euros
JPMorgan Chase, Morgan Stanley are advising on the IPO
Volotea SL, a Spanish low-cost airline, is postponing plans to list its shares after the volatile equity markets led to lower investor appetite, according to people familiar with the matter.
The company met investors this week to market the initial public offering, according to people familiar with the matter who asked not to be named as the details aren’t public. Volotea and its shareholders were planning to raise about 150 million euros ($163 million) from the sale, one person said. JPMorgan Chase & Co. and Morgan Stanley are managing the IPO.
A spokesman for the company declined to comment.
Danish cigar maker Scandinavian Tobacco Group A/S and U.K. foreign exchange and spread betting broker CMC Markets Plc are among companies attempting to list in a market where the benchmark STOXX Europe 600 Index has declined about 8 percent since the start of the year. The U.S. IPO market is on track for the slowest January since the recession, according to data compiled by Bloomberg.
Volotea announced its IPO on Jan. 18 and said it would raise at least 65 million euros from the sale. The company’s investors include CCMP Capital Advisors.