December 6, 2018 / 11:48 AM / in a year

Ice Group postpones Oslo IPO due market turmoil

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

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