(Reuters) – Danish outsourcing firm ISS is unlikely to complete a stock market listing this year but is continuing with preparations to go public, the company said on Monday.
In February banking sources told Reuters that the provider of services from cleaning to cooking, which ditched plans for an initial public offering (IPO) in 2011 because of volatile market conditions, could look to revive its float plans this year.
“A potential IPO remains the most likely exit strategy for the current majority owners. Work to prepare ISS for a potential IPO is ongoing. ISS does not expect to IPO in 2013,” a spokesman for the company said.
Britain’s Financial Times newspaper reported the float was likely to happen next year.
ISS, one of the world’s largest private-sector employers with more than 530,000 staff, was bought and delisted by private equity firms EQT and Goldman Sachs Capital Partners in 2005.
After pulling a planned $2.8 billion float in 2011, the owners then agreed to sell the business to British security company G4S, but the merger was blocked by G4S’s shareholders.
Ontario Teachers’ Pension Plan and KIRKBI, which invests funds from the family behind Lego toys, bought a 26 percent in ISS for 3.72 billion Danish crowns ($677.6 million) last year.
Europe has seen a revival of new listings activity this year, boosted by rising stock markets, with several private equity owners taking the opportunity to begin exiting assets.
In March ISS refinanced, amended and extended its debt pile, paving the way for a potential IPO.