British Fuel Cell Company Scraps IPO Plans - Reuters

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LONDON - Fuel cell maker Intelligent Energy has become the latest European firm to suffer from weak demand for new share issues after it cancelled a planned stock market listing.


"We have concluded that our shareholder interests would not be best served by proceeding with flotation in current market conditions," Chief Executive Harry Bradbury said in a statement on Tuesday.
Intelligent Energy had planned to raise up to 60 million pounds from the sale of new and existing shares in an initial public offering (IPO) on London's junior AIM market this month, valuing the firm at about 200 million pounds.

Intelligent Energy's decision to postpone -- confirming a Reuters report on Monday that it may back out -- follows several other cancelled European IPOs in recent months, including those of Germany's Siltronic and ATU. Other firms, such as UK sportswear supplier Umbro, have reduced the amount they raised.

The market for new issues has picked up this year after a three-year downturn, but geopolitical risks, rising interest rates and high oil prices have tempered investors' appetite for new stock."

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