November 27, 2018 / 7:58 AM / 17 days ago

BEWiSynbra Group calls off Oslo IPO due weak stock markets

OSLO, Nov 27 (Reuters) - BEWiSynbra Group, a maker of expandable polystyrene used in food packaging, construction and other industries, has postponed its planned initial public offering in Oslo due to recent stock market weakness, the Swedish company said on Tuesday.

“The current financial markets are characterised by high uncertainty. Based on this the company has decided to postpone the listing,” BEWiSynbra said.

“The company ... expects to explore the opportunities for a listing at a later stage,” it added.

BEWiSynbra first announced its planned IPO on Nov. 12 with a goal of raising gross proceeds of around 150 million Swedish crowns ($16.48 million) ahead of a listing by year-end.

$1 = 9.1001 Swedish crowns Reporting by Terje Solsvik, editing by Louise Heavens

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