(Bloomberg) -- Jordanes ASA, an owner of Scandinavian food and casual dining brands, pulled a planned listing of its shares in Oslo as the European listings market stumbles.

The Norwegian company cited challenging conditions for the offering, which was initially expected to raise 1.5 billion kroner ($140 million) before being scaled back earlier this week. It said on Thursday that the offering was oversubscribed at an indicative offer price of 29 kroner a share.

The cancellation is the latest shelved share offering in Europe as a hoped-for resurgence in IPOs falters. Companies had been prepping for IPOs, emboldened by the surge in benchmark stock indexes to record highs and successful offerings from skin-care company Galderma Group AG in Switzerland.

Last month, Spanish holding company Bergé y Compañía scrapped its plans for an initial public offering of its Astara car-distribution business, while an offering from German perfume retailer Douglas AG in March fell flat.

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While Jordanes’ meetings with investors “received strong support among investors and substantial orders,” market conditions weren’t as expected, the company said Friday.

“An IPO at this point in time was an accelerator, not an absolute necessity, for our business strategy,” co-founder and CEO Jan Bodd said in the statement. “We will continue to monitor the capital markets going forward and make the appropriate reconsiderations as to an IPO in the future.”

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