Economy

Ready meals firm Bakkavor shelves plans to list in London

Ready meals firm Bakkavor shelves plans to list in London”

The deal would have given the group a market value of £4.5bn and £6bn including debt.

Bakkavor supplies Tesco, Sainsbury's, Marks & Spencer, and Waitrose and claims to account for 30% of the United Kingdom market for freshly prepared meals, pizza and desserts.

In the past few months a number of companies have dusted off float plans that had been put on hold after the Brexit vote. While rising markets have fueled a booming IPO pipeline, several companies that went public this year are trading below their offering prices, including French clothing retailer SMCP SAS and Swiss energy-metering company Landis+Gyr Group AG.

Austrian bank Bawag listed at €48 a share and is now trading at €45.76 while Spanish housebuilder Aedas Homes floated at €31.65 and its shares are now worth €31.00.

Arqiva employs more than 2,000 people and reported revenues of just over £940m for the most recent financial year, to the end of June.

Its clients include the BBC, ITV and worldwide broadcasters and its masts cover about 98% of the UK.

Mobile mast provider Arqiva and food producer Bakkavor have both pulled their initial public offerings on the London Stock Exchange, blaming "volatility" in the market.

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



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