Market uncertainty delays float of shares, Danish group ISS says

Mar 17, 2011, 18:47 GMT

Copenhagen - Danish cleaning and services giant ISS on Thursday said it had decided to postpone a planned float of shares, citing 'market uncertainty'.

The group, which has more than 500,000 employees worldwide, last month announced plans for an initial public offer (IPO). The offer began last week and was set to close Thursday, with trading due on Friday.

Some estimates suggested the IPO would raise some 2.8 billion dollars.

The IPO was oversubscribed and attracted over 150 institutions from around the world as well as 10,000 retail subscribers in Denmark, an ISS statement said.

However, 'the current volatile and uncertain market conditions do not allow us to launch the transaction and achieve a smooth transition into the public markets,' board chairman Ole Andersen said.

The ISS Group was founded 1901 in Copenhagen and offers services ranging from cleaning to catering and support.

Its owners are Goldman Sachs and Swedish private equity firm EQT.

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