Car auctioneer float comes to a screeching halt
BRITISH Car Auctions (BCA), owner of the webuyanycar.com, became the latest casualty of weak equity markets yesterday after it was forced to pull its impending stock listing.
The private equity-owned group, backed by Clayton Dublier & Rice, blamed “volatility in global equity markets” for pulling down the listing, which aimed to raise £200m.
“The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the group’s growth,” BCA said.
The car group follows in the foot – steps of challenger bank Alder more and high street lender Virgin Money in scrapping a listing due to market weakness.
The stock market last week suffered one of its worst trading periods this year after a storm of issues, ranging from fears over Chinese growth to concerns about the Eurozone, erased most of the year’s stock market gains.
The last major flotation to get away was that of high-end shoe designer Jimmy Choo, which priced at 140p, the bottom of its price range.
Advisers are now privately sug – gesting the market for large cap listings may be closed until Christmas, or even early into next year.
LEFT ON THE SHELF
■ Fashion retailer Fat Face defied strong markets to pull its listing in May after disappointing debuts from rivals
■ Budget airline Wizz Air shelved its float in July due to a poor valuation of the company
■ Housebuilder Miller Homes scrapped its stock market debut earlier this month due to market concerns
■ Challenger bank Aldermore gave up the ghost last week after scrambling to cover the book
■ Virgin Money followed suit and postponed its flotation due to markets