French smart card manufacturer Oberthur Technologies has postponed its planned IPO, citing unfavourable market conditions.
The group, which earlier this week posted a strong set of Q3 results, applied for a listing on Euronext Paris only two weeks ago. The IPO push came after Advent-owned Oberthur rebuffed offers from private equity firms Carlyle Group and Eurazeo that valued the firm at €2 billion.
Announcing the postponement of what would have been the largest technology IPO in Europe this year, Didier Lamouche, CEO of OT, states: "The decision taken with our majority shareholder Advent International is a natural one given the current state of the capital markets. Our business is delivering strong organic growth of both revenues and EBITDA and the momentum we see on all our activities confirms that we have made the right choices and positions us well for the future."