software maker Misys tops list of ditched united kingdom IPOs

LONDON After suffering for weeks to woo customers for a proposed public providing, financial software program firm Misys scrapped plans to relist at the London inventory market, blaming shaky market conditions and including to a run of aborted floatations in latest weeks.

Misys is the most important preliminary public supplying (IPO) to be pulled or postponed in London this yr amid investor warning about pricing and the outlook for markets.

The agency said this month it had was hoping to raise around 500 million pounds ($611 million) via selling a quarter of the enterprise via the IPO, however underwriters scaled lower back the presenting after finding it tough to join up buyers.

Reflecting caution approximately united kingdom property after Britain's June 23 vote to leave the european Union, buyers discounted Misys to half the price of Swiss banking software rival Temenos (TEMN.S), Reuters suggested closing week, citing sources near the deal.

The London-primarily based dealer of software used to run banks and corporate treasury capabilities managed to cover the providing in advance after a week of book building however despite the fact that pulled the presenting on Thursday.

"despite encouraging institutional support Misys ... has determined no longer to proceed with its potential initial public providing at the modern-day time because of marketplace situations," the company said in a assertion.

Uncertainty over the Brexit vote has hit the price of companies list in London, which fell to the lowest level in four years within the first nine months of the year according to Henderson controlled investment Trusts.

Misys decision to drag its list came a day after Spanish telecoms company Telefonica stated it'd no longer listing its British cellular enterprise in 2016 and might simplest cross ahead in 2017 if market conditions stepped forward.

Even the biggest IPO of the year so far, that of clinical products maker ConvaTec, changed into executed at the bottom of its planned charge variety.

Misys become a familiar call to British traders till two abortive merger tries with rival financial institution software makers led it to just accept a personal equity buyout from Vista fairness companions, which paid 1.27 billion kilos ($1.fifty five billion) for it in 2012.

Its U.S. owners put it on the market in 2014 however did not discover a purchaser, main it to check call for for an IPO.