Retailer New Look pulls IPO as private equity balks at volatile markets

Private equity-backed high street retailer New Look announced the postponement of its proposed IPO onto the London Stock Exchange "in light of the unfavourable market backdrop". The proposed £650 million IPO was intended to put a proportion of the company’s equity back into public ownership and de-leverage New Look’s balance sheet.

 "We have taken the difficult decision to postpone the Initial Public Offering as a result of the considerable volatility in the equity markets”, New Look CEO Carl McPhail commented. “We remain convinced of the strengths of the New Look business and its suitability as a public company. We will re-evaluate our options when market conditions improve."

The fashion retailer initially listed on the LSE back in 1998, before it was bought out by a private equity consortium controlled by Permira and Apax Partners in 2004. The latest IPO was proposed only 10 days ago.

http://www.proactiveinvestors.co.uk/companies/news/13282/retailer-new-look-pulls-ipo-as-private-equity-balks-at-volatile-markets-13282.html