Berlin-headquartered subscription-based language learning app and e-learning platform Babbel has cancelled its planned initial public offering, a few days before it was due to start Time.News has reported.
Last week, the company reported that the IPO is being postponed due to “currently unfavourable market conditions”, but that it will continue to strive for a medium-term listing on the Frankfurt Stock Exchange.
Babbel had set the price range for the IPO at €24 to €28 euros per share, representing a market capitalisation of up to €1.3 billion. Gross proceeds were expected to be about €190 million, with the funding to be used for innovation and growth.
Date published: 29 September 2021