Warsaw IPO Dearth Continues as Irena Eris Cancels Offering

Polish cosmetics maker canceled its share sale on Tuesday, showing that the Warsaw market cannot break with 1.5-year long dearth of initial public offerings.

Dr Irena Eris SA, a family-run cosmetics producer and hotel operator, said in a statement that the issue price level in the IPO was “unsatisfying” amid “unfavorable market conditions.” It planned to raise as much as 140 million zloty ($34.5 million) for expansion abroad, especially in North America.

The offering could have resulted with the first debut of new company on the Warsaw Stock Exchange’s main platform since Dec. 2021.

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