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Germany's Exyte Group shelves IPO

Exyte Group, a German builder of high-tech facilities for the semiconductor industry, has shelved its plans for an initial public offering after receiving muted investor interest.

"We are sticking to our plans but have no time pressure and will wait for the right market conditions," the Financial Times reported Exyte CEO Wolfgang Büchele as saying.

Exyte was planning to sell shares worth up to €1 billion in the IPO, which would have valued the company at as much as €3 billion. Georg Stumpf, founder and CEO of Stumpf AG, which owns Exyte's sole shareholder M+W Group GmbH, was planning to sell a 25% to 35% stake in the company, the FT said.

Potential investors considered the company's valuation as high and viewed its projected earnings growth as ambitious, Reuters reported. For fiscal 2018, the company expects adjusted EBIT to surpass €160 million and sales of more than €3.5 billion.