Financial software provider Misys has abandoned its plans to launch an initial public offering (IPO), blaming current market conditions.
Misys said in a statement that despite “encouraging institutional support” the company would not be proceeding at the current time.
The company had announced in early October that it would be returning to public markets after four years as a private company, having been acquired by Vista Equity Partners in 2012 for £1.3 billion. In 2012 it became the largest financial systems provider in capital markets through the merger with the Kondor business line from Thomson Reuters.
Nadem Syed, CEO of Misys.
Since then it has merged with financial software seller Sophis and banking software company Turaz.
The target valuation in the IPO was going to be £5.5 billion, with the company planning to sell around £500 million of stock in the IPO and trading to begin on the London Stock Exchange in November, Misys said.
The float would have been brought to the market by Goldman Sacks, Bank of America, Merrill Lynch and JPMorgan, would be the biggest of the year in the UK.
The money would have been used to pay down existing debt of around $1.8 billion.
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Misys provides financial services software covering areas such as corporate banking, lending, treasury, capital markets, investment management and enterprise risk.
The company reported revenue of $909 million for the year ending 31st May.
