Leading travel management company Hogg Robinson (HRG) has pulled its planned float citing "present market conditions."
The Initial Public Offering (IPO) had been due to start on the London Stock Market in the next week.
The full statement by the company in which Permira, a private equity firm, has a majority stake, said: “The IPO of Hogg Robinson which was scheduled to commence trading on the London Stock Exchange in the near future has been delayed due to the present market conditions.
"In the meantime, the Company continues to implement successfully its business plan, with the full support of its shareholders, to achieve its strategic objectives."
The flotation of HRG was expected to see shares trading at between 140p and 220p, according to the Financial Times. This would have raised about £190m.
A spokesman for HRG said that institutions were "risk averse" because of fears of the global economy in general and of a perceived "slow down in the US."
This had put off investment companies to which HRG was making its pitch.
The indications seem to be that Permira would not reach the price they feel that HRG is worth and decided to pull the flotation until conditions are more favourable.
There is no time frame for HRG to resume its plans to float.
In its original statement announcing its IPO at the beginning of September, HRG said the proceeds would be used to "refinance part of its current indebtedness, creating an appropriate capital structure to pursue its business plan and growth strategy."
It also planed a one-off payment of approximately £28.5m to reduce the deficit of its pension fund.
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