LEVERKUSEN, Germany—Bayer A.G. said it expects Covestro to be able to raise about $1.67 billion instead of the nearly $2.8 billion initially planned when it becomes a publicly traded share because of stock market uncertainty.
Bayer said the initial listing is being postponed to Oct. 6. Shares will trade under the ticker symbol 1COV. The listing was originally scheduled for Oct. 2.
Bayer will donate an extra $1.12 billion to Covestro to maintain the debt on Covestro's balance sheet at launch at about $4.47 billion, including pension liabilities, Bayer said.
Since the start of the process to determine the price of shares ahead of the launch on the Frankfurt and Luxembourg stock markets the global financial position has deteriorated, Bayer said.
The company said the share price range had been reduced from $29.5-$39.5 per share to between $24-$27 per share because of uncertainties over the Federal Reserve's interest rate policies, and future economic growth in China.