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Car leasing group Leaseplan pulls Amsterdam IPO amid market sell-off

The disappointing start from high-profile IPOs such as Aston Martin and Funding Circle, coupled with the downturn in equities, has deterred companies from going public for the time being
leaseplan
The Euronext IPO was expected to value the company at around £5bn

Car-leasing group Leaseplan has blamed “market conditions” after becoming the latest company to pull the plug on its planned IPO.

It was only last week that the private equity-backed company unveiled plans to float on the Euronext stock exchange in Amsterdam, calling it the “logical next step”.

READ: Vannin capital scraps London IPO

But the sudden downturn in global stock markets, coupled with poor starts for two of Europe’s most recent IPOs, Aston Martin Lagonda Global Holdings PLC (LON:AML) and Funding Circle PLC has dampened enthusiasm for new listings.

Luxury carmaker Aston is down at 1,556p, almost 20% below its IPO price of 1,900p a share, while Funding Circle, a peer-to-peer lender, has slumped 15% from its listing price.

Bankers had warned that the slow starts for those two high-profile flotations would have a dampening effect on other listings.

On Thursday, litigation financing firm Vannin Capital scrapped its plans to list on the London Stock Exchange, with chief executive Richard Hextall saying the postponement was down to the “volatility” in equity markets at the moment.

Leaseplan, which was sold by Volkswagen to a consortium led by TDR and Dutch pension fund PGGM in 2015 for around £3bn, has left the door open for a float further down the line though.

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