December 6, 2018 / 12:06 PM / 10 days ago

UPDATE 1-Ice Group cancels Oslo IPO citing market turmoil

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OSLO, Dec 6 (Reuters) - Telecom firm Ice Group has postponed indefinitely a planned listing on the Oslo Bourse following the recent plunge in global stock markets, it said on Thursday, the second company to do so in the last week.

Last week, Swedish polystyrene maker BEWiSynbra Group cancelled its plans for an Oslo IPO citing market uncertainty.

Ice had planned to raise about 3 billion Norwegian crowns ($351 million) in an initial public offering (IPO) valuing the firm at between 5.1 billion and 7.3 billion crowns.

“As a result of deteriorating market conditions, the Ice Group board of directors has decided to postpone its offering,” it said.

Currently listed only on Norway’s over-the-counter market, Ice said last month a full stock market listing would enable it to raise cash to compete with Telenor and Telia Co .

While the company received “highly positive feedback” for its business case, investors had become increasingly cautious, it said in a statement.

“Ice Group may resume the IPO process when the market conditions become more favourable,” it said.

$1 = 8.5498 Norwegian crowns Reporting by Terje Solsvik; editing by Adrian Croft and Jason Neely

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