October 5, 2018 / 1:12 PM / 6 months ago

EXCLUSIVE-German chip plant builder Exyte shelves IPO plans

(Adds details, background)

* Current equity market conditions not ideal - CEO

* Exyte vied for investors’ attention with other companies

* Shares worth up to 1 bln eur were expected to be offered - sources

By Dasha Afanasieva and Arno Schuetze

LONDON/FRANKFURT, Oct 5 (Reuters) - German chip factory builder Exyte has shelved plans to float on the Frankfurt stock exchange later this month after receiving muted feedback from investors, the latest aspiring public company to face difficulties with its listing.

“Exyte AG, together with its shareholder M+W Group GmbH, have decided today to take additional time for its IPO as the company and its shareholder do not consider the current equity market conditions ideal for a listing,” Exyte Chief Executive Wolfgang Buechele told Reuters.

“We are sticking to our plans but have no time pressure and will wait for the right market conditions,” he said in an emailed statement.

Earlier, people familiar with the matter told Reuters that the company was considering delaying its initial public offering due to lukewarm investor interest.

Exyte vied for investors’ attention with other companies, including Knorr Bremse and Westwing in Germany and SIG Combibloc in Switzerland. Germany, which is Europe’s largest economy, has seen its strongest year of initial public offerings since 2000.

Luxury British carmaker Aston Martin earlier this month also received mixed feedback from investors. Despite cutting the upper end of its IPO price range, the shares have fallen since they started trading.

Likewise, British peer-to-peer lending platform Funding Circle also slid on its market debut.

People close to the Exyte listing had said that stock worth up to 1 billion euros was expected to be offered in a deal that could have valued the company, formerly known as M+W Group, at 2.5 to 3 billion euros

The company’s owner, Austrian entrepreneur Georg Stumpf, had planned to offer shares in the listing but there had been no plans to sell newly issued ones.

Exyte builds sites for the semiconductor industry - including cleanrooms where dust and particle-free air are crucial for silicon wafer production. Its customers include Infineon, ASML and Micron.

Founded in 1912 as a specialist for vacuuming sawdust in wood processing, the company expanded into building labs and production sites. It now serves customers in the electronics, chemicals, pharmaceuticals and energy industries, as well as operators of data centres.

Editing by Thomas Seythal and Kirsten Donovan

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