Misys cancels flotation

Misys's initial public offering (IPO) had been set to be the biggest UK flotation this year at around 5.5bn

The initial public offering (IPO) had been set to be the biggest UK flotation this year at around £5.5bn, but instead Misys's plans join the scrapheap along with a spate of other stalled listings.

"Despite encouraging institutional support, Misys Group Ltd has decided not to proceed with its potential initial public offering at the current time due to market conditions," the firm said.

Misys, which provides software to the likes of Lloyds Banking Group, Barclays and HSBC as well as lenders worldwide, had planned to list in early November, four years after it was taken private by Vista Equity Partners in a £1.3bn deal.

Misys is headquartered in the UK, but has around 2,000 customers worldwide.

Uncertainty over Britain's decision to leave the European Union has hit the value of companies listing in London, which fell to the lowest level in four years in the first nine months of the year according to Henderson Managed Investment Trusts.