Belfast Telegraph

UK Website Of The Year

Car-parts maker joins list of firms to pull London IPO plans

Published 13/10/2016

London Stock Exchange
London Stock Exchange

Vehicle parts manufacturer TI Fluid Systems became the latest victim of market volatility as it slammed the brakes on its initial public offering (IPO).

The Oxford-based firm had been eyeing a 600 million euro (£543 million) fundraising through a London stock market flotation, but halted plans due to "uncertain market conditions".

The private equity-backed group, which makes products that transfer liquids through vehicles, said it had decided not to push forward with the IPO at the "current time".

In a statement, the firm's owner Bain Capital said it would "continue to monitor market conditions to determine the appropriate next steps for the company".

The move sharpens the focus on waste management firm Biffa, which had pencilled in a return to the London stock market in October in a bid to raise £270 million.

Biffa wanted to tap into the market further and snap up smaller players, having already made 20 acquisitions worth £53.4 million since December 2013.

It is understood the bin lorry group is still looking to push the IPO through, but maybe forced to cut the price of its share sale.

It comes after fitness chain Pure Gym dealt a blow to London's IPO market on Tuesday by scrapping plans for a stock market flotation, citing ''market volatility''.

The group had aimed to raise £190 million from its IPO - announced less than a month ago - to help fund ambitious expansion plans.

Hopes of a resurgence in UK stock market listings following the Brexit vote are now falling flat, despite the likes of Hollywood Bowl pressing ahead with IPOs.

Sterling's collapse and ongoing uncertainty surrounding Britain's future trading relationship with the European Union has dealt a blow to market confidence.

Press Association

Read More

From Belfast Telegraph