French mobile security firm Oberthur Technologies’ decision to drop its IPO for the moment was “natural” given prevailing market conditions, claimed CEO Didier Lamouche.
The vendor, which is controlled by private equity group Advent International, will miss out on an estimated €500 million to €600 million from not listing on the Euronext market.
The funds were earmarked for paying down debt and developing its business in providing security for the Internet of Things (IoT) market.
“The decision taken with our majority shareholder Advent International
is a natural one given the current state of the capital markets,” said CEO Didier Lamouche (pictured). He told the Financial Times he will look at listing the company in 2016.
Oberthur’s was due to be one of Europe’s largest tech listings this year. However, the firm is not the first to put plans on hold. Last week music streaming service Deezer dropped its IPO, also blaming market conditions.
Oberthur’s core business is smart cards, where it is the second largest vendor in the world behind Gemalto, but sees the future in building up its secure IoT activities.
Etisalat recently announced it was working with Oberthur and ThingWorx to build and manage the Middle East’s first IoT platform.
Oberthur is also a major player, along with Gemalto and Giesecke & Devrient, in the mobile payments market. It is a key supplier behind Samsung Pay’s planned launch in Europe.