Misys IPO falls prey to market malaise

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The financial services software provider, which is owned by the private equity firm Vista Equity Partners, had announced on October 6 plans to raise up to £500 million from an IPO in London.

The deal was being managed by investment bankers at Goldman Sachs, Bank of America Merrill Lynch, JP Morgan and Morgan Stanley. It was one of a number of deals to emerge in the first real window for UK dealmaking in the equity markets since the county’s vote to leave the EU.

However, sentiment among investors for new issues has started to waver amid continued Brexit uncertainty and in a statement on October 27, the group said: “Despite encouraging institutional support Misys Group Limited has decided not to proceed with its potential initial public offering at the current time due to market conditions.”

Craig Coben, the global head of equity capital markets at Bank of America Merrill Lynch, told FN in mid-October that the equity markets remained open for “good companies” but that “investors are demanding more attractive pricing”.

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