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Bank pulls out of Letsbuyit.com IPO

By Sally Watson

Published: 11 July 2000 12:00 GMT

One of four banks supporting the flotation of e-tailer Letsbuyit.com has pulled out just hours before the initial public offering (IPO) was scheduled to take place.

German bank Sal Oppenheim said on Tuesday it would no longer handle the company's listing on Neuer Markt, Frankfurt's high-tech stock market. The bank has so far given no reason for its withdrawal.

Sal Oppenheim was acting as one of four supporting banks for the flotation in a consortium lead by Robertson Stephens, Germany's DG Bank and Sweden's SEB bank.

Letsbuyit.com was forced to postpone its original IPO in June after turbulence on worldwide stock markets. A spokesman for the Swedish-based e-tailer told the Financial Times that it still expected to start trading on Wednesday as planned.

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