Lumenpulse, which wanted to return to the stock market at a valuation of one billion dollars, interrupts its initial public offering (IPO), citing “current market reasons not optimal”.
The company specializes in LED lighting solutions for commercial, institutional and urban environments.
The IPO was launched as part of the fast-track acquisition strategy the company crafted to “seize growth opportunities in its industry following the COVID-19 pandemic.”
Read also: Lumenpulse returns to the stock market with a value of one billion
The company, recently renamed LMPG, had filed on May 31 its provisional prospectus with a view to a return to the stock market after an absence of 4 years.
LMPG says it will revisit its IPO strategy when market conditions are less volatile, a terse statement read. This explanation may seem curious, given that the Toronto Stock Exchange’s main index, the S & P / TSX, is at all-time highs this week.
“We are well positioned to capture the favorable long-term market trends that support the growth of the industry and our line of business. Our continued investments in new products and new technologies will allow us to position ourselves favorably to seize opportunities in ‘smart cities’, buildings and infrastructure projects ”, said François-Xavier Souvay, Founder, President and CEO of LMPG, in the same release.
Usually, companies that forgo an IPO make this decision after failing in their attempt to generate enough enthusiasm from potential investors.