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CVC reportedly delays plans for European IPO

written by Bella Palmer
ipo

The private equity firm was planning to raise nearly $1.05 billion through the IPO, which was expected to be launched in November in Amsterdam

Private equity firm CVC has delayed plans for a European initial public offering (IPO) this year, a person with direct knowledge of the plans said on Wednesday.

Europe's biggest buyout group decided not to go ahead with the listing because of unfavourable market conditions, the person said, speaking on condition of anonymity.

CVC was planning to raise nearly €1 billion ($1.05 billion) through the initial public offering, which was expected to be launched in November in Amsterdam, Reuters earlier reported.

CVC declined to comment.

The FT was first to report that the initial public offering had been delayed.

It is the second time that the fund has had to postpone a plan for a listing of shares - having earlier tried a float last year.

The fund joins a number of firms that dropped initial public offering plans after weeks of turbulent markets. Germany's DKV Mobility, Renk and French software firm Planisware all dropped plans to debut on European stock markets in recent weeks.

Some of CVC's institutional backers had planned to sell shares in the buyout group as part of the IPO, people familiar with the matter told Reuters on October 19. The private equity company's partners were not expected to sell stock through the IPO, the people said.

CVC, which oversees more than €160 billion in assets, has been striving to transform itself into a diversified asset manager.

In September it announced a deal to acquire infrastructure manager DIF, and in 2022, it completed a tie-up with secondaries manager Glendower.

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