German quartz firm QSIL AG said on 10 November 2006 that it had postponed its initial public offering indefinitely, blaming poor market conditions.
QSIL, which makes quartz glass, had planned to sell…
German quartz firm QSIL AG said on 10 November 2006 that it had postponed its initial public offering indefinitely, blaming poor market conditions. QSIL, which makes quartz glass, had planned to sell shares worth EUR 50-80 million in an IPO planned for November 2006. “It is in the interest of QSIL and its main shareholders to wait as long as the market is capable to reward QSIL“s sustainable development and its positive prospects”, the company said in a statement. QSIL said earlier in November that it would offer up to 2.65 million shares including a greenshoe option, of which 1 million shares would be from a capital increase. The remainder would come from existing shareholders, from the firm“s chief executive and private equity firm Ventizz Capital. In 2005, QSIL had earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 2.7 million (USD 3.5 million) on sales of EUR 11.1 million. In the first six months of 2006 it posted EBITDA of EUR 3.7 million on sales of 9.4 million.