Gorenje, a Slovenian household appliance firm, did not manage to line up buyers for all of the shares on offer in its planned listing in Warsaw, Reuters stated quoting unnamed sources. The official results will be published on December 18. The company plans to go through with the listing despite the weak demand.
According to the offer’s prospectus, the planned date of the stock market debut in Warsaw is Dec. 30.
The company planned to raise €45 million through the public offering of 10.44 million new shares. If sold, this would make up 36 percent of the increased capital.
Gorenje has over €300 million of debt and high debt ratios. This may be partially attributed to the issues currently faced by the Slovenian economy. “Slovenia as a country also has its problems,” said the source. “And other Slovenian companies on the Warsaw bourse do not have a good track record. That certainly did not help in the placement of the offer.”
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