(Reuters) -Italian luxury sneaker maker Golden Goose has postponed its initial public offering as a result of volatility in the European markets due to political upheavals, the company said on Tuesday.
A significant deterioration in market conditions following European parliamentary elections this month and the calling of a surprise general election in France have impacted the performance of European markets, according to Golden Goose.
It said it believes the current market backdrop is not the right environment to take the company public.
Earlier in the day, bookrunners said the IPO was oversubscribed multiple times, at 9.75 euros ($10.47) per share. It was earlier estimated to be priced at between 9.50 euros and 10.50 euros.
Golden Goose, owned by private equity firm Permira, was aiming at a market capitalization of up to 1.86 billion euros, which was below expectations.
($1 = 0.9314 euros)
(Reporting by Harshita Meenaktshi and Shivani Tanna in Bengaluru; Editing by Pooja Desai)
