ISS will relaunch IPO if chance arises: CFO

By Teis Jensen

COPENHAGEN (Reuters) – Denmark’s ISS (ISSHOI.UL: Quote, Profile, Research) will revive listing plans if a reasonable opportunity arises, and the market has developed positively since it pulled a planned $2.8 billion IPO last month, a top ISS executive said.

The initial public offering (IPO) of the Danish cleaning and facilities management group would have been Europe’s biggest so far this year, but concerns about volatile markets led ISS to postpone the sale even though the offering was oversubscribed within its price range.

“Like we said when we pulled out last time around, it was a postponement, and the word postponement implies that there is certainly a possibility for us to come back,” Chief Financial Officer Jakob Stausholm told Reuters.

He said the group was looking at all options together with its the owners, Goldman Sachs Group Inc’s (GS.N: Quote, Profile, Research) private equity arm and Sweden’s EQT, which bought it in 2005.

“If it looks like a reasonable opportunity, we will come back,” Stausholm said.

“We must look at the market situation,” he said. “It changes all the time. Fortunately we have seen recently that the market has developed positively since we pulled out.”

ISS, which started as a small security firm with 20 night watchmen and now has more than half a million employees, had last month hoped to raise 13.3 billion Danish crowns ($2.58 billion) from the sale of new shares to reduce debt.

Rising interest rates have only limited impact on the group’s decision whether to retry a flotation on the Copenhagen stock exchange as the group is well hedged, Stausholm said.

(Reporting by Teis Jensen; writing by Mette Fraende; Editing by Mike Nesbit)

($1=5.157 Danish crowns)

ISS will relaunch IPO if chance arises: CFO