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Altice's Teads shelves US listing plan

Advertising technology company Teads BV, owned by French telecom company Altice, is no longer pursuing an initial public offering (IPO), according to a request for withdrawal filed with US regulators on Thursday.

Last month, the company had decided to delay its stock market listing, citing unsatisfactory market conditions.

The US IPO market, which has seen record levels of activity this year, hit a slump in recent months due to reasons associated with saturation and a decline in investor appetite for new stocks.

While car battery maker Clarios International, owned by Brookfield Asset Management, indefinitely put off its listing plans last month, Dole, a farm produce giant, cut its offering size the same week as its debut.

Dole's stock made a tepid debut, opening 6per cent below their IPO price.

Founded in 2011, Teads provides automated buying and selling of online advertising space to clients including Adidas, Danone, Vice Media and BBC Global News.

It was acquired by Altice in 2017 in an all-cash deal that valued Teads at around 285 million euros (US$337.35 million).

Source: Reuters

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