Tuesday, 12 December 2017

Arqiva pulls £1.5bn float

By Mary Lennighan, Total Telecom
Friday 03 November 17

U.K. provider of telecoms and TV masts puts IPO on hold due to market uncertainty

Arqiva on Friday announced it has postponed its proposed initial public offering, less than two weeks after it disclosed the £…

Arqiva on Friday announced it has postponed its proposed initial public offering, less than two weeks after it disclosed the £1.5 billion flotation plan.

The U.K. telecoms and broadcasting infrastructure company said its board and shareholders have decided not to move ahead with the listing due to IPO market uncertainty.

The firm "will revisit the listing once IPO market conditions improve," it said, in a short statement.

Arqiva shared plans to raise £1.5 billion through an IPO in London at the start of last week, saying ti would use the proceeds from the process to restructure and reduce debt.

The listing plan came about after the company failed to find a buyer, according to various financial news sources, although Arqiva itself did not comment.

The same news outlets are viewing Friday's U-turn as a worrying sign for the U.K., where last year's Brexit vote has raised serious questions over London's status as Europe's main financial centre.

The Arqiva float was set to be the biggest in the U.K. so far this year.

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