November 21, 2012 / 8:07 AM / 5 years ago

Finnish wind power start-up cancels IPO

HELSINKI, Nov 21 (Reuters) - Finnish wind power operator Ilmatar withdrew its plan to list shares after failing to raise about 10 million euros ($12.80 million) from investors, the company said late on Tuesday.

Ilmatar was seeking to list shares on First North Helsinki, the Helsinki bourse’s market for smaller companies, but could not find investors.

“The market environment among large institutional investors was not favourable enough for the listing of a new company within a growth sector,” it said in a statement.

The company added it still aimed to build about 100 wind turbines in Finland by the end of 2015 and would seek equity for the first investment from selected institutional and private investors. ($1 = 0.7811 euros) (Reporting By Jussi Rosendahl; Editing by Helen Massy-Beresford)

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