Energy storage provider INTILION has scrapped plans for an initial public offering (IPO) less than two weeks after announcing its intention to list on the Frankfurt Stock Exchange (Prime Standard) in the third quarter of this year.
At the end of last month, INTILION said it was planning an IPO that was expected to include an offering in Germany and private placements outside Germany of primarily new shares from a capital increase of the company, as well as existing shares held by the companyâ€™s sole shareholder HOPPECKE Rail Systems (a subsidiary of Accumulatorenwerke Hoppecke Carl Zoellner & Sohn).
But INTILION has said it will not pursue the IPO because â€œan appropriate valuation of the Company cannot be achieved in the current capital markets environmentâ€, a statement said.
It added: â€œDepending on the capital market environment, preparations for the IPO of the Company will be resumed at a later date.â€
The company had said it was intending to use the proceeds from the IPO to promote future growth and make investments in companies with the aim of â€œaccelerating the companyâ€™s software knowledge, developing its virtual power plant business model to enable the bundling of storage capacities for energy trading purposes and expanding the companyâ€™s research and development team.â€