May 21, 2018 / 8:13 PM / in a month

Italy's Rainbow suspends IPO plans for unfavourable market conditions

MILAN, May 21 (Reuters) - Rainbow, the Italian animation producer famous for the Winx Club TV series, has called off plans to list its shares on the Milan stock market.

In a statement on Monday the company said it had suspended the planned initial public offering because of “unfavourable market conditions”. It gave no further details.

Italy’s borrowing costs surged again on Monday and its stock market touched six-week lows as two anti-establishment parties that plan to ramp up spending appeared set to form a coalition government.

In April Rainbow said it was considering offering up to 40 percent of capital in an IPO it expected to complete by May. (Reporting by Stephen Jewkes; editing by Andrew Roche)

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