Intercos is to pull out of IPO amid tough market conditions

MILAN, Italy - Italian cosmetics company Intercos is to pull the plug on its public share offering amid tough market conditions, two sources close to the matter said.

The company has struggled to fully cover its up to 218 million euro share, the sources said, although the company was not immediately available to comment.

Intercos did not manage to fully cover its share sale for which order books closed on Thursday, a third source said.

French energy services group Spie dropped its planned IPO on the Euronext Paris market on Thursday, citing volatile markets.

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This comes after Italian Internet company Italiaonline pulled its own planned listing on the Milan bourse on Tuesday for similar reasons.