MILAN — Italian Exhibition Group SpA said Wednesday it was pulling the plug on its initial public offering, attributing the decision to the instability of the Italian and international markets.
The first day of trading of the group, the trade show operator that originated from the merger of Fiera di Vicenza and Rimini Fiera in 2016, was originally expected to be on Dec. 6. IEG organizes jewelry show VicenzaOro, among others.
In a statement issued on Wednesday, IEG said it would “continue its development evaluating other possible strategic leverages consistent with its ongoing growth; the industrial plan will not slow down or change. A public listing remains, in any case, one of the future goals of the company.”
IEG’s selling partners — Rimini Congressi Srl and Salini Impregilo SpA — along with global coordinators Intermonte SIM SpA and Equita SIM SpA, had set the price per share between 3.70 euros and 4.20 euros, representing an equity value spanning from 128.3 million euros to 145.6 million euros.