5:03 pm, October 21, 2014
BCA Marketplace has done a U-turn on a planned initial public offering which aimed to raise £200 million.
The company attributed its decision to unpredictable global financial markets. BCA now joins a string of other companies, including Virgin Money, which have cancelled proposed listings on the stock market.
In a statement, BCA said: ‘Given the volatility in global equity markets, the board and shareholders of BCA Marketplace have chosen not to proceed with its initial public offering at this time.
‘The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the Group’s growth.’
When BCA announced the plans earlier in October, it was predicted the car auction company could be worth as much as £1.2bn, including debt. This reflects the company’s significant growth since it was bought by Clayton, Dubillier & Rice in 2010, when it was valued at £400 million.
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