By Emma-Victoria Farr and Alexander Hübner

(Reuters] – Ottobock, a German maker of artificial limbs is awaiting September for its listing on the stock exchange. The reason? Choppy financial markets. According to four sources with knowledge about the matter, Ottobock will wait until September.

Many investors expected the business to go public in six months. It was estimated that it could have a value of more than five billion euros ($5.7billion). The company engaged banks last summer to plan the event.

The people reported that Ottobock now wants to wait its turn before listing in Frankfurt.

Reuters received a Friday statement from the company stating that although it was still preparing to list on stock markets, there had not been a decision.

According to a spokesperson, “We have stated repeatedly that we are ready for capital market in 2022.” “Preparations for this event are underway. It is not yet clear when and if we will make our public announcements.

In recent weeks, European stock markets have fluctuated as investors fear a possible Russian-Ukraine conflict and the possibility of spiralling prices inflation and rising borrowing costs.

Although a steady flow of stock market listings was expected for March, which is traditionally busy, bankers say some companies have rescheduled plans in the face of growing investor uncertainty.

Ottobock, which was established in 1919 to make prostheses for World War One veterans is owned by 80% by the founder Naeder families and 20% through buyout funds EQT. (NYSE:

Ottobock’s exoskeleton products are now being used in industry, and it has just won the first industrial customer.

Ossur, Hanger Invacare(NYSE:), and Ekso BIONICS are some of the listed peers.

It manufactures prosthetics. The company also makes wheelchairs, orthotics and wheelchairs. Core earnings for 2019 were 191 millions euros, based on 1 million euro in sales.

Ottobock had been contemplating an initial public offer (IPO) for many years. However, EQT purchased a stake in 2017, at a value of 3.15 trillion euros. This delayed previous plans. EQT declined comment.

Ottobock appointed Philip Schulte Noelle, a former Fresenius manager, as its chief executive after the group invested.

People said that Ottobock’s decision to wait for later in the year would allow him to present investors a better track record of earnings.

Ottobock is available for hire Deutsche Bank BNP Paribas and Goldman Sachs (NYSE) will be working on IPO plans for August 2013.

($1 = 0.8807 euros)