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Wednesday, February 5, 2014

Gigante postpones Office Depot de Mexico IPO on market volatility, (NYSE: ODP)

Mexican retailer Grupo Gigante said on Wednesday it had postponed its up to 5.0 billion Mexican peso ($373.72 million) initial public offering of Office Depot de Mexico due to volatility and market conditions.The company, which only announced the offering in January, had planned to price on Wednesday up to 291 million shares in the office supplies retailer, including an over-allotment option.Grupo Gigante, which also operates restaurants, in June acquired the 50 percent stake in the office supplies chain that it did not already own.Mexico saw a record number of companies listing on its stock exchange last year but a worldwide emerging market sell-off so far in 2014 has damaged investor confidence.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 0.41% or $-0.02/share to $4.86. In the past year, the shares have traded as low as $3.55 and as high as $6.10. On average, 11944500 shares of ODP exchange hands on a given day and today's volume is recorded at 9837398.