Intesa Sanpaolo has postponed the listing of its real estate unit, IMMIT, after the initial public offering (IPO) met weak investor demand, market sources told Reuters on Thursday.
IMMIT offered shares in its IPO in a price range of between 2.9 euros and 3.6 euros, to raise up to 534.2 million euros ($824.2 million) for 51 percent of its share capital. It had planned to list shares on June 18 but that has now been postponed until market conditions are more favourable, one source said.
Another source said the offer "was barely covered once," with investors bidding toward the lower end of the range.
