Equity market volatility forces delay
Just a month after announcing its plans to float on the London Stock Exchange, Vannin Capital has confirmed that it will defer its listing that was planned for October.
“Although the investor roadshow generated strong indications of support from a high-quality group of institutions, management have concluded that the volatility experienced in the equity market in the last two weeks has led to conditions that are not conducive to an IPO, and that Vannin would be best served by postponing its proposed listing,” CEO Richard Hextall said.
The company’s leader did not rule out a float in the future.
“Vannin is in an enviable position. We have an extremely capable and well-respected team, significant capital available through our existing resources, forward visibility over a substantial pipeline of growth, and a leading position in a rapidly growing market,” he said. “We are under no pressure to list the company in the near term and prefer to wait until market conditions are more suitable.”
Vannin announced last month that it is aiming to raise £70m at a valuation of £1bn. The company also appointed David Morley, who was Allen & Overy’s global senior partner, as chairman ahead of the IPO.
