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By Emma-Victoria Farr and Alexander Hübner
FRANKFURT, Oct 10 (Reuters) – Germany’s DKV Mobility has postponed its planned initial public offering until next year amid an uncertain market environment, two people familiar with the matter told Reuters.
The on-road payments provider was scheduled to go public this month, a deal that could have valued the company at more than 4 billion euros ($4.23 billion).
The company had planned to raise between 500 million and 1 billion euros for its shareholders, Reuters reported.
The Ratingen family and the DKV minority shareholder, the financial investor CVC, are in no hurry to go public, said one of the respondents. The mood for new topics has been dampened since September, the other person added.
DKV Mobility, which has not yet publicly announced its IPO plans, and CVC declined to comment.
The last-minute cancellation of tank supplier Renk’s IPO last week has cast a shadow over share sales in the region.
Hopes were raised at the beginning of September when the pharmaceutical packaging manufacturer Schott Pharma was successfully listed in Frankfurt. The shares were quoted at around 32.50 euros on Tuesday, 20% above the issue price.
Meanwhile, the IPO of the German shoe brand Birkenstock is on track in New York, and shares are likely to rise
assigned on Tuesday
at the high end of the price range at $49.
DKV Mobility is known for its fuel cards, which truck drivers use to pay their fuel bills and tolls. Last year, transaction volumes of 17 billion euros were processed.
In 2018, the private equity firm founded CVC
bought
a 20 percent stake in the company for around 400 million euros.
JPMorgan, Bank of America and UBS advised on the transaction. ($1 = 0.9453 euros) (Reporting by Alexander Hübner and Emma-Victoria Farr, editing by Friederike Heine and Chizu Nomiyama)
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