(Reuters) - British vaping liquids manufacturer Supreme Plc said on Friday it would postpone its London listing citing market conditions.
The decision was taken despite encouraging institutional support, Supreme, which is also a distributor of battery and lighting products, said in a brief statement.
According to the company, Supreme was looking to raise 10 million pounds ($13.52 million) in fresh capital from the listing and aiming for a market valuation of between 100-150 million pounds ($203 million-$135 million).
Chief Executive Sandy Chadha, who currently holds 100 percent of the company, also planned to sell shares in the supplier of liquids for e-cigarettes.
It would have become the first vaping business to float in London.
In 2017, a string of companies, including Britain’s biggest debt collector Cabot Credit Management, ditched attempts to list in London.
Greensphere Capital (IPO-GRN.L) announced a decision to postpone initial public offering in December.
The IPO market has been muted since the country voted to leave the European Union in June 2016, making firms skittish about market launches.
($1 = 0.7398 pounds)
Reporting by Rahul B in Bengaluru and Ben Martin in LONDON