Transmission company Arqiva has abandoned its £1.5 billion float blaming uncertainty in the IPO market.
In a statement Arqiva said an IPO was “not in the interest of the company and its stakeholders”.
It comes amid market volatility that has also seen Marks & Spencer ready meal supplier Bakkavör also pull its float.
The company, responsible for satellite uplinks and the vast majority of the UK’s broadcast transmissions, said it would consider revisiting the listing should conditions improve.
Plans for the IPO had only been announced on October 23 following a tortuous will they, won’t they over a decision whether or not to float the business.
In the year to June 30, 2017 Arqiva posted revenue of £944 million. It recorded an EBITDA of £467 million pounds and an overall loss of £427.
Arqiva’s largest shareholder is the Canada Pension Plan Investment Board, which holds 48 per cent of the shares. The Australian bank Macquarie owns a further 25 per cent.
