Factoring group Independent Growth Finance Plc, the holding company for GLE Invoice Finance, said on Monday it was scrapping its planned initial public offering because of poor stock market conditions.
The company had intended to raise about seven million pounds in a placing on London's junior Alternative Investment Market (AIM) that would have valued it at Ј15 - 20 million ($22-29 million). But tumbling markets undermined its plans and it said it would now look for more private investment.
"It is disappointing to make this decision, but the stock market simply slipped too far for us to effect a fund raising at an attractive valuation," said chief executive Jeff Longhurst in a statement. "We may consider flotation again in the future, but for the time being, we believe that our business is best developed through raising further private funds." He said trading remained strong and the firm's own performance had not been hurt by the stock market volatility.
