Spanish construction and services group Sacyr Vallehermoso said on late Monday that it is postponing the planned initial public offering (IPO) of its toll road business as 'the current market conditions do not allow to complete the operation'.
Spanish construction and services group Sacyr Vallehermoso said on late Monday that it is postponing the planned initial public offering (IPO) of its toll road business as 'the current market conditions do not allow to complete the operation'.
The Spanish group added that the IPO could be reconsidered in the future depending on market conditions, or the company could eventually try to raise capital in other ways. Sacyr's toll road business, Itínere, holds stakes in 35 motorways, three hospital concessions, an airport and a transport hub across seven countries in Europe and Central and South America. The maximum price set for the IPO had valued the company at about EUR 3.5bn, significantly below analysts' earlier valuations of more than EUR 5.2bn.
