Software company Misys has abandoned its ambitions for a London listing, joining a slew of British companies that have scrapped plans to float due to ongoing market volatility.
Misys, which makes software used by hundreds of banks and City firms, is the fourth business this month to scrap float plans, despite saying it would return to the stock market after four years as a private company.
The group’s US private equity owners had mooted a multibillion-pound IPO of the business to reduce its debt pile, saying support from investors had been “encouraging”.
But Misys said today that it had “decided not to proceed with its potential initial public offering at the current time due to market conditions”.
The technology provider is the latest victim of Brexit-induced investor uncertainty in public markets, following similar U-turns by car parts-maker TI Fluid Systems, bin lorry firm Biffa, and fitness chain Pure Gym, which all ditched their plans for a London listing.
Misys’ US owner, Vista Equity Partners, had already sliced £1bn off the value of the company’s return to the stock market, having initially proposed a £4.5bn listing for the software giant.
London-based Misys, which was founded in 1979, was delisted from the FTSE 250 in 2012 when Vista bought it for £1.27bn.