Brexit jitters hit Misys IPO

Brexit jitters hit Misys IPO

The forthcoming IPO of UK-based core banking supplier Misys is running into strong Brexit headwinds as its equity backers prepare to shear £1 billion off the anticipated value of the firm in response to volatile trading conditions.

Just two weeks ago, Misys announced plans to float in early November, confidently putting a $5 billion price tag on the value of the business.

In the weeks since the announcement, EU politicos and Tory Brexiteers have made increasingly hardline statements about terms for Britain's exit from the European Union, shattering market resilience.

The Sunday Times reports that Misys' private equity backers have approached the UK Listing Authority for permission to sell just a fifth of the company in the flotation, below the 25% usually required for new offerings. It is also reported that they are planning to discount the value of the flotation by about £1 billion, with an announcement expected sometime this week.

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