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(Bloomberg) -- Stada Arzneimittel AG’s private equity owners are pushing back a planned initial public offering of the German drugmaker until September, people with knowledge of the matter said.
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Bain Capital and Cinven decided to delay the listing due to the recent market volatility, the people said, asking not to be identified because the information is private. They had originally planned to launch the share sale as soon as this week, according to the people.
Stada was looking at a valuation of roughly €10 billion ($10.9 billion) from the planned offering, Bloomberg News has reported. It was targeting to raise around €1.5 billion of fresh capital from the IPO, in addition to any selldown from its private equity owners, people with knowledge of the matter have said.
A first-time share sale for Stada was expected to kickstart IPO activity in Europe. Oldenburgische Landesbank AG, the German regional lender backed by Apollo Global Management Inc., has also been gearing up for a share sale.
Deliberations are ongoing and details of Stada’s listing plans could still change, the people said. Representatives for Bain, Cinven and Stada declined to comment.
Stada sells generic drugs, consumer health products and specialty medication for rare and chronic diseases. Its brands include Grippostad, which helps treat colds and flu infections, and Hirudoid cream for bruises and hematoma.
The company is seeking to slash its debt pile by around €3 billion, from its current level of €5.6 billion, Chief Executive Officer Peter Goldschmidt said in a February interview. JPMorgan Chase & Co., Morgan Stanley, Deutsche Bank AG and Goldman Sachs Group Inc. are leading the Stada IPO as global coordinators, people with knowledge of the matter have said.
(Updates with background from fifth paragraph.)
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