Complectus shelves IPO
Planned float put off because of volatility and uncertainty
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Hawke’s Bay
The planned sharemarket float of trustee company Complectus, expected to kick off this week, has been postponed.
In a statement, the company said it had made the decision “following advice regarding the volatility and uncertainty in capital markets following recent events, including the US presidential election.”
Complectus, owned by businessman Andrew Barnes, is the parent company of the Perpetual Guardian group.
Its IPO was announced in August and plans were well advanced. Analysts from sharebroking firms involved in the float published reports for institutional investors on November 3 and the prospectus was due to be registered today.
In its statement, Complectus said: “With such a short window remaining in 2016, we will defer the IPO beyond this year which will also allow Complectus to further add to its growth track record in the interim.”
It said it would inform the market with an updated timetable when the IPO process resumes.
Mr Barnes said although feedback from analysts and investors was positive, “we feel that the appropriate course of action is to postpone the IPO until markets have settled. We are mindful that market conditions can affect the listing process and don’t want to proceed in a window that creates uncertainty for investors and the company alike.”
Tim Hunter
Wed, 16 Nov 2016
Wed, 16 Nov 2016
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Complectus shelves IPO
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