Misys abandons IPO plans

UK software company Misys has ditched its plans to float on the London Stock Exchange.

In a very brief statement, it said: “Despite encouraging institutional support Misys Group Limited has decided not to proceed with its potential initial public offering at the current time due to market conditions.”

Misys is one of several companies to give up on its flotation plans in the wake of the UK’s vote to leave the European Union, with waste management company Biffa and Pure Gym both going back on their intentions to float. Krispy Kreme UK also abandoned its plans for a £200m London listing earlier this month, opting for a sale to its American parent instead.

Misys delisted back in 2012, later merging with Turaz, the former treasury and risk management software division of Thomson Reuters, and undertaking an organisational transformation to centralise and streamline the business.

Misys's Chief Executive Officer, Nadeem Syed, joined the group in 2012 and oversaw the transformation process.