May 27 (Reuters) - Telecoms firm Timico IPO-TIMI.L has shelved this Friday’s planned flotation on the London Stock Exchange, The Times reported.
The company, which markets itself as a one-stop shop providing bundled IT and telecoms services mainly to small and medium-sized businesses, blamed waning investor appetite for smaller companies coming to market in particular, The Times said. (link.reuters.com/fam69v)
The newspaper reported Timico Chief Executive Tim Radford as saying, “We have a duty to our existing shareholders to ensure that the success of our IPO is not eroded by recent IPOs performing less well than expected and hence have made the decision to postpone our process.”
“We hope that the current attitude towards smaller companies looking to raise money and list on AIM is a short term issue and we look forward to an AIM listing once appetite returns,” he added.
Timico planned to raise 15 million pounds by floating on the Alternative Investment Market, which would have given it an estimated 55 million pounds market valuation.
British clothing chain Fat Face called off a planned 110-million-pound ($186 million) London stock market listing last week.
Reporting by Aashika Jain in Bangalore; Editing by Cynthia Osterman