Arqiva and Bakkavor shelve IPO plans

Investors waiting for the £1.5bn initial public offer of Arqiva and the £100m float of Bakkavor will have to wait wait a little bit longer.

Before the start of trading the ownerof many of the UK's TV transmitters said it and its shareholders had decided not to pursue its planned £1.5bn float at this time, citing "IPO Market uncertainty".

"The board of Arqiva Group Limited and its shareholders have decided that pursuing a listing in this period of IPO market uncertainty is not in the interests of Arqiva Group Limited and its stakeholders, and will revisit the listing once IPO market conditions improve."

The float was expected to fetch a market capitalisation for the firm of about £6bn.

Prospective investors in Arqiva weren't alone, with Bakkavor having also decided to pull its float on the London Stock Exchange which was expected to net the country's biggest maker of hummus apporixmately £100m in proceeds.

Before the opening bell, Bakkavor, which specialises in fresh prepared food, also said it had decided not to push ahead due to market volatility.

However, management said it had received sufficient demand from insttutional investors had it chosen to do so, describing recent trading as "positive" while expressing confidence in the gorup's outlook.

-- More to follow --