Switzerland-based investment manager Corestate Capital has dropped its plans to list in Germany.
The company said it cancelled its initial public offering, planned for this year and reported .
Corestate made the decision due to the difficult environment for IPOs in the German and UK stock markets.
At present, the companyβs two largest shareholders are co-founder Ralph Winter, with 64.2%, and Swiss company Intershop, with 28.1%.
Co-founder Thomas Landschreiber holds a 6.7% stake.
Proceeds of around β¬100m were expected to have been raised with the listing and used for continued growth and co-investments with clients.
Sascha Wilhelm, chief executive at Corestate, said the market environment for small and mid-cap IPOs has βdeteriorated considerablyβ.
βThe appeal of our business model is increasing and we will fully reach our growth targets also in 2015,β he said. βThere is no reason on the part of shareholders and the company to deviate from our current expansion plans for 2016.β
Wilhelm previously said listing was the next logical step for the company, which this year entered the Spanish real estate sector through a joint venture with two local companies.
Corestate agreed a joint venture with Inmobiliaria Espacio and OHL Desarrollos to invest in Spainβs residential and commercial real estate sectors.
