FRANKFURT, April 20 (Reuters) - German caravan maker Knaus Tabbert has shelved plans for an initial public offering (IPO) as it seeks other ways to finance its aggressive expansion plans.
“We have made the company fit for capital markets. The IPO was an option,” a company spokesman said, adding that other options were now being pursued to finance potential investments or acquisitions.
Knaus Tabbert had started preparations for a stock market listing last year with the help of UBS and Berenberg and was expected to float before the summer break.
Wobbly markets have already seen several European IPOs pulled, such as Switzerland’s Gategroup, Swissport as well as Dutch-based Varo Energy.
The Frankfurt stock exchange, on the other hand, has seen a bumper year of listings so far with heavyweights such as Siemens’ medical technology unit Healthineers and Deutsche Bank’s asset management arm DWS list in recent weeks and publisher Springer Nature expected announced last week.
Knaus Tabbert posted revenues of 590 million euros ($726.3 million) in 2017. Its 70 million euro investment plans for 2017 and 2018 include spending on a new research & development centre as well as three new production lines. ($1 = 0.8123 euros) (Reporting by Arno Schuetze Editing by Maria Sheahan)