11 July 2000

Letsbuyit.com, the pan-European e-tailer due to list on Frankfurt’s Neuer Markt tomorrow, is reeling from the latest misfortune to hit its ill-starred IPO: the eleventh hour withdrawal of Cologne-based Sal Oppenheim, one of the four banks handling its share issue.

Sal Oppenheim would give no explanation for its shock decision and the three remaining members of the banking consortium – Robertson Stephens, lead-manager of the issue, Germany's DG Bank and Sweden'sSEB – were last night unavailable for comment.

The withdrawal is the latest blow to hit Letsbuyit.com since its original plans for a June listing were postponed after shares in e-commerce companies first fell from grace and came under selling pressure in March.

News source: Financial Times