FRANKFURT - Wind and solar park developer Scan Energy cut its expectations for what will likely be the second-largest initial public offering in Germany in 2009, after Hochtief also hit a cautious note on its planned unit IPO.
Danish Scan Energy on Monday said it had set the price range for the IPO at 9-13 euros ($13.43-19.41) per share and that this would generate gross issue proceeds of 158 million to 228 million euros, far less than the 228-280 million euros it had announced earlier this month.
The news came after the chief executive of Hochtief, Germany's largest builder, said the company reserved the right to put the planned IPO of its infrastructure unit on hold, should stock markets take a hit from the Dubai debt crisis.
Hochtief aims to raise as much as 1 billion euros by floating a minority stake its Concessions unit in what would be Germany's biggest IPO in two years.
(Reporting by Christoph Steitz)