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Biffa determined not to bin London IPO plans despite City struggles

William Turvill
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Biffa announced its intention to float last month (Source: Biffa)

Biffa is determined to push forward with its flotation plans despite struggles pushing the deal over the line, according to a source close to the waste disposal company.

Brexit uncertainty has been cited as a reason for the initial public offering (IPO) struggling to find enough City interest.

And the company was in discussions last night over the possibility of slashing the pricing of its listing.

Read more: Pure Gym avoids overstretch as it pulls the plug on IPO plans

A source close to the company told City A.M. that there remains a “cast-iron determination” to complete the deal.

Biffa revealed its October float plans last month, with the company aiming to raise £270m.

There are fears for the health of London initial public offering (IPO) market this week after two firms pulled their plans this week.

Read more: British electricals business Luceco sets sparks flying with £200m float

It emerged last night that Bain Capital-backed TI Fluid Systems has withdrawn plans to float on the London Stock Exchange.

And Pure Gym confirmed on Tuesday that it had abandoned its IPO plans, citing “challenging” market conditions.

However, tech giant Misys is expected to float next month in the biggest London IPO of the year, while Gocompare is also planning to list in early November.

Meanwhile, it emerged yesterday that Luceco, an LED lighting and portable power manufacturer, is aiming to raise £25m from a float as early as next Monday.

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