UK financial software provider Misys has been forced to cancelled its planned IPO, citing “market conditions”, the latest in a series of pulled or troubled deals in the UK and Europe in recent weeks.
Misys said it had received “encouraging institutional support”, but the FT’s Nic Fildes and Kadhim Shubber
reported that the company’s management was struggling to get investors on board. Company accounts obtained by the FT showed revenues at the group fell almost 5% over the past two years, despite Misys’ claims to robust expansion.
Bankers working on the deal had said they were confident the listing would go ahead despite what is seen as a difficult market for prospective stock market listings following several cancelled or postponed IPOs.
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