LONDON (Reuters) – British fashion retailer New Look has postponed its planned initial public offering, making it the third private equity-backed firm in as many days to abandon a flotation in turbulent financial markets.
The decision will put a question mark over other IPO hopefuls, like travel firm Amadeus and online grocer Ocado, and marks the second time in three years that New Look, backed by private equity firms Permira and Apax, has abandoned a sale.
“We have taken the difficult decision to postpone the initial public offering as a result of the considerable volatility in the equity markets, Chief Executive Carl McPhail said in a statement.
“We will re-evaluate our options when market conditions improve.”
A person familiar with the matter said New Look’s owners were “not sellers at any price,” dampening expectations they might look to sell the business to other private equity firms.
(Reporting by Mark Potter, Editing by James Davey)