Is this the end of London's short-lived IPO boom? Used car auctioneer BCA Marketplace - the owner of webuyanycar.com - has become the third company in two weeks to cancel its IPO, saying volatility in global equity markets has put it off.
Last week Aldermore cancelled plans for an £880m float citing the "recent deterioration of global equity markets", saying that although it was likely to explore an IPO again, it was doubtful that would happen before the general election in May. On Friday, Virgin also pulled its planned £2bn listing, although it added it will try again "as soon as constructive market conditions allow".
In a statement to the stock market this morning, BCA said it had been "very encouraged" by interest shown by investors, but that it had decided "not to proceed at this time".
The company and its private equity owner, Clayton, Dubilier & Rice, had planned to list 25 per cent of shares in November, which was expected to value it at £1.2bn.
The decision also follows a shaky listing by fashion brand Jimmy Choo, which priced shares right at the bottom of its range when it listed last week, although its price has since risen.