OSLO, Dec 6 (Reuters) - Telecom firm Ice Group has postponed indefinitely a planned listing on the Oslo Bourse following the recent plunge in global stock markets, the company said on Thursday.
“As a result of deteriorating market conditions, the Ice Group board of directors has decided to postpone its offering,” it added.
Ice had planned to raise about 3 billion Norwegian crowns ($351 million) in an initial public offering (IPO) valuing the firm at between 5.1 billion and 7.3 billion Norwegian crowns.
Currently listed only on Norway’s over-the-counter market, Ice said last month a full stock market listing should enable it to raise cash to compete with Telenor and Telia Co .
$1 = 8.5498 Norwegian crowns Reporting by Terje Solsvik; Editing by Adrian Croft