LONDON (Reuters) – Commodities broker Marex Spectron has pulled a planned initial public offering (IPO) in London due to difficult market conditions, the company said, the second European company to cancel such plans in the past week.
Marex was considering a flotation in London that a source estimated could value the company at 500 million pounds ($706 million).
But a message went out to investors on Tuesday night that the deal would not be going ahead, the company confirmed on Wednesday.
“Despite broad investor interest from high quality institutions in the Marex business and prospects, we have decided not to proceed with the IPO at this time due to more challenging IPO market conditions,” the company told investors.
French car parts distributor Parts Holding Europe (PHE) last week pulled its Paris initial public offering, citing unfavourable market conditions, the latest sign of waning investor interest in stock market listings.
($1 = 0.7082 pounds)
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