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Bulgaria-owned Huvepharma backs out of Amsterdam IPO

June 30 (Reuters) - Dutch-registered Huvepharma decided on Wednesday to put on hold its Amsterdam Euronext listing only a couple of weeks after the animal health firm unveiled its plans to raise 300 million euros ($355.62 million) through an initial public offering.

Owned by Bulgarian investor Kiril Domuschiev, Huvepharma which was due to debut on the Amsterdam stock exchange on July 1, said it would revisit the IPO project at a later date in the future, but for now it would remain private. ” the company’s current and medium-term growth trajectory will be best supported by staying private for the time being, preserving the Group’s agility and entrepreneurial culture,” Domuschiev, who is also the company’s chief executive, added, citing feedback from institutional investors.

The pharmaceutical company, which aimed for a 4.5 billion euro valuation, gave no other details about the marketing of its shares.

Huvepharma planned to spend the proceeds on funding and accelerating its growth capital expenditure and repaying part of its outstanding debt. ($1 = 0.8436 euros) (Reporting by Pawel Goraj;Editing by Elaine Hardcastle)

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