Etos cancels IPO due to market conditions

Fashion retailer Etos, the owner of the Diverse franchise, has decided to cancel its IPO, which has been suspended since May 2015, in view of poor market conditions, PAP quoted in a press statement. "The decision is motivated by the approaching expiry date of the issue prospectus (April 21, 2016) and market conditions, which made it impossible to make a decision on continuing the offer," the statement indicated. The offer was suspended in early May 2015. Etos wanted to offer 8.92 million or 33 percent of existing shares in its IPO at a maximum price of PLN 17.5, after cutting an initial offering of 13.5 million or 50 percent of shares.