LeasePlan scraps listing amid market volatility

Business 10/11/2018, 1:16 PM
LeasePlan scraps listing amid market volatility

"Due to market conditions," the plans for an initial public offering on Euronext exchanges in Amsterdam and Brussels are canceled, LeasePlan Group NV said on Thursday. The U-turn comes during a tumultuous week in stock markets worldwide, with a huge number of companies in correction or even entering bear market territory. The brief announcement from the car leasing and fleet management operator adds the decision was made together with the company's owner Lincoln Financing Holdings Pte. Ltd.

The Dutch firm's initiative was unveiled only last week, when news outlets learned from confidential sources that it aimed at a valuation of €7.5 billion. The flotation was supposed to be conducted only with secondary shares. Founded in 1963, LeasePlan is controlled by holding subsidiary LP Group BV, a consortium consisting of two pension funds – PGGM of the Netherlands and ATP of Denmark, Singapore's sovereign wealth fund GIC, Abu Dhabi Investment Authority and TDR Capital Llp.

The recent IPOs of Aston Martin Lagonda and Funding Circle at the London Stock Exchange have disappointed, after which broad and strong volatility set in on a global scale.

Breaking the News / IT