Croatian grocery chain Studenac Group SA has decided to cancel its planned initial public offering in Warsaw and Zagreb due to challenging capital market conditions.
The company's fundraising efforts were significantly impacted by the loss of the European Bank for Reconstruction and Development as an anchor investor.
Studenac, together with its private equity owner Enterprise Investors, had aimed to raise up to 794 million zloty (approximately $194 million) from the share sale, with the transaction's books set to close on Wednesday.
The cancellation reflects the difficulties faced by companies in securing investments in the current fluctuating market conditions.