UK financial software company Misys has ditched its plans for an IPO in London citing uncertain market conditions at this time.
“Despite encouraging institutional support Misys Group Limited has decided not to proceed with its potential initial public offering at the current time due to market conditions,” the firm said in a brief statement this morning.
The decision to abandon the IPO comes a few weeks after reports of Misys cutting its listing value by almost a £1 billion due to these market conditions. It had hoped to raise about £500 million in the IPO.
Misys are the latest in a string of European companies from various industries that have pulled their IPOs in recent weeks. Reuters reports that Brexit jitters are to blame, damaging the value of companies listing in London.