Swedish confectionery retailer Candyking on Friday said it would abandon plans for a listing on the Stockholm Stock Exchange. Candyking's announcement was made in the wake of a profit warning this week due to fires at two of its suppliers.
Reuters, citing a statement by Candyking, said the confectionery firm's long-term earnings potential is not affected by the described circumstances. The incidents, however, created uncertainty in the market. This could burden Candyking's standing as a listed company.
Candyking in late November said that it would sell shares worth up to SEK830 million ($126 million) in its initial public offering on the Stockholm bourse. Its offering is comprised of up to 18.5 million shares priced at SEK27 to SEK32 apiece, Reuters said in a previous report.
Based on the price range of the offering, Candyking's shares should have been valued at between SEK994 million and SEK1.05 billion, the report said.
Candyking is owned by Swedish private equity firm Accent Equity Partners, Reuters said.
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