Following an international trend, Spanish cable supplier Ono (Cableuropa) has announced that it will postpone its IPO, planned for Thursday, due to the "poor conditions" of stock markets globally.
Ono planned to float at least 20% of its shares on the recently launched "New Market" index of the Spanish stock exchange, La Bolsa. The company was reportedly valued at more than $1.6bn (PTS300,000m).
In a statement released by the firm, CEO Richard Alden assured that Ono would "return to the market" but he did not indicate when that would take place.
To compensate for expected gains and cover the firm's ambitious plans for growth, Ono announced it would carry out a capital amplification of Euros250m among its current shareholders, which include bank BSCH (32.3%), Spaincom (32.5%), Ferrovial (17.6%) and Multitel Cable (17.6%).
Spain's leading provider in the country's nascent cable market, Ono now boasts more than 75,000 subscribers. The company, which launched services in September 1998, posted after-tax losses in 1999 of Euros45m (PTS7,547m). Ono is managed by Callahan Associates International.