“The demand received by investors in the offer is terminated”, according to the Murcian company
The Murcian company Primafrio Coporación postponed its IPO “waiting for market conditions to improve”, as announced by the entity in a statement. The decision was agreed “after consulting with the Global Coordinating Entities of the Offer, JP Morgan and Morgan Stanley”. “As a result, the demand received by investors in the offer is terminated,” adds the note released this Monday afternoon.
The company, one of Europe’s leading refrigerated road transport companies, had announced a public offer for sale to qualified investors two weeks ago. Primafrio, a group founded in 2007, is the leader in terms of revenue, EBIT margins and size of the vehicle fleet in the Spanish market for the export of goods by road at controlled temperature and the European leader in revenue in road transport of fruit and vegetable products at controlled temperature . In 2020 it posted revenue of € 458 million, with a compound annual growth rate of 10.8% since 2018, an EBIT margin of 17.8% and an EBIT of € 81 million in 2020.