Financial tech firm Misys pulls plug on London IPO

Financial tech firm Misys pulls plug on London IPO

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Financial software firm Misys has ditched its plans for a London IPO.

The company had already slashed the value of its mooted £4.5bn float by £1bn last week due to market nerves.

However, a statement on Thursday revealed the firm will not proceed with its plans due to market conditions, despite encouraging institutional support.

Last month Nadeem Syed, Misys’ chief executive officer, played down fears that now was a risky time to list its shares following the Brexit vote.

However, the possibility of a hard Brexit has increased since last month’s Conservative party conference has sent the pound tumbling.

Investors have since become more concerned about the outlook for UK companies.

Misys was delisted from the FTSE 250 in 2012 when it was bought by Vista Equity Partners.

The business had planned use the listing proceeds to pay down debt and for investment.

Misys’ IT platforms cover retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk.

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