HIGH Street fashion retailer New Look has shelved its planned initial public offering (IPO) making it the third private equity-backed firm in as many days to abandon a flotation in turbulent financial markets.
The decision to pull back from £1.6bn offering will cast a shadow over other IPO hopefuls, like travel firm Amadeus and online grocer Ocado, and marks the second time in three years that New Look – backed by private equity firms Permira and Apax – has abandoned a sale.
Travelport also abandoned a £2bn listing while Merlin Entertainment postponed a £2bn flotation.
Chief Executive Carl McPhail said in a statement: “We have taken the difficult decision to postpone the initial public offering as a result of the considerable volatility in the equity markets.
“We will re-evaluate our options when market conditions improve.”