September 28, 2015 / 11:46 AM / in 4 years

Covestro IPO books not yet fully covered: sources

FRANKFURT (Reuters) - Investor demand for Covestro 1COV.TGIPO-BMSG.F has remained sluggish and the books for the initial public offering (IPO) of the plastics group scheduled for Friday are still not fully covered, two sources familiar with the transaction said.

“In this market environment investors are holding back. The deal will likely be pulled together at the last moment,” one of the people said.

Companies generally need orders for twice the number of shares on offer for an IPO to go through.

Covestro declined to comment.

The company aims to raise about 2.5 billion euros ($2.8 billion) in its IPO, in what could become the biggest stock market debut in Germany in almost 15 years.

Covestro’s chief financial officer told a newspaper over the weekend that the company’s stock market listing had not been blown off course by recent share market swings.

Reporting by Arno Schuetze; Additional reporting by Ludwig Burger; Editing by Maria Sheahan

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