EI scraps Dan-Wood IPO

Dan-Wood's fundamental value was not reflected in the price resulting from the bookbuilding process, Dan-Wood said in a statement.

The seller did not get the price it wanted and believes the market valuation could be better, a source close to the situation told Unquote. Dan-Wood has been in EI's portfolio for four years and the GP is in no hurry to sell, the source added.

Unquote had reported in February that EI intended to list Dan-Wood in the second half of this year. EI acquired Budimex Danwood for €57m in November 2013, taking the Warsaw-listed firm private.

Founded in 1972, Budimex Danwood was listed on the Warsaw Stock Exchange in 1995 before being acquired by EI in 2013. The company is headquartered in Bielsk Podlaski, with sales offices throughout Europe.

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