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 company鈥檚 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 鈧�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 鈥渄eteriorated considerably鈥�.
鈥淭he appeal of our business model is increasing and we will fully reach our growth targets also in 2015,鈥� he said. 鈥淭here is no reason on the part of shareholders and the company to deviate from our current expansion plans for 2016.鈥�
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 Spain鈥檚 residential and commercial real estate sectors.
