Misys pulls plug on £5.5bn stock market listing
Software firm Misys has pulled the plug on its stock market listing due to "market conditions".
The initial public offering (IPO) had been set to be the biggest UK flotation this year at around £5.5 billion, but instead Misys's plans join the scrapheap along with a spate of other stalled listings.
"Despite encouraging institutional support, Misys Group Ltd has decided not to proceed with its potential initial public offering at the current time due to market conditions", the firm said.
Misys - which provides software to the likes of Lloyds Banking Group, Barclays and HSBC as well as lenders worldwide - had planned to list in early November, four years after it was taken private by Vista Equity Partners in a £1.3 billion deal.
Misys is headquartered in the UK, but has around 2,000 customers worldwide.
UK stock market listings have struggled to get off the ground since the Brexit vote, with TI Fluid Systems cancelling its IPO and waste management firm Biffa slashing the price of its flotation.
Fitness chain Pure Gym said market volatility was to blame when it scrapped plans for its stock market debut earlier this month.
Heightened Brexit uncertainty has caused the total value of IPOs over the past three months to fall to levels not seen since 2012, according to research by Henderson Managed Investment Trust.
However, on Wednesday, medical supplies firm ConvaTec defied the slowdown by announcing that it will push ahead with a listing.