Swiss-based real estate firm Ledermann Immobilien said it would not push through with its planned initial public offering (IPO) anymore. In an emailed response to Bloomberg's questions, Ledermann said they were scrapping the IPO because demand was lower than what they had initially expected. Ledermann's stocks were supposed to start trading today.
"There is no pressure for us of going public. For that reason we don't have to force the IPO," the company said. Earlier, the firm said it would be suspending its IPO temporarily without stating why.
Ledermann's IPO would had been the first in Switzerland for 2013. In Europe, data gathered by Bloomberg showed that at least 10 planned IPOs were withdrawn or postponed in 2013. Ledermann had wanted to gather CHF 130 million or USD 144 million in the IPO. According to its website, the real estate company has 60 properties in Zurich worth CHF 626 million as of June this year. Majority of these holdings are residential buildings.
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