In a rapid turnaround, Intercos, the Italian cosmetics supplier, concluded its road show on Oct. 9 with a terse statement saying the company would not proceed with its listing on the Italian stock exchange, where the company was expected to make its debut on Oct. 15.
Intercos’ board opted to withdraw the entire offering, which had comprised 48.4 million ordinary shares — 44.2 percent of its total post-offering capital — of which 18.3 million were to be newly issued. The remainder were to be offered through two firms, Dafe 3000 Srl and Dafe 5000 Srl, both controlled by Intercos founder and president Dario Ferrari.
“In spite of the wide interest and appreciation shown by Italian and foreign investors during the road show” and the high number of shares requested, “the company felt that financial market conditions, which deteriorated rapidly over the last few days, do not allow it to obtain an evaluation that accurately reflects its intrinsic value and great potential,” read the statement.
Earlier this week, Ferrari recalled that he had considered an IPO in 2006 but had held back due to a poor economic climate; he indicated that, this year, the company was ready to “make the jump” to the stock exchange. In its Oct. 9 statement, Intercos said it would proceed with its international expansion plans, even without going public.