London law firm Mishcon de Reya is temporarily postponing its IPO due to “volatile” market conditions.
Mishcon de Reya’s senior leadership has decided to put the firm’s IPO on hold, following conversations with investors about the state of the market, City AM understands.
A Mishcon spokesperson said the firm still plans to go ahead with its IPO at a later date, but said that it is willing to wait for a better market.
The spokesperson said that conversations with the types of investors likely to be interested in Mischon’s IPO had led the firm to believe that now is not the right time to float on the stock market.
The spokesperson said the decision, made by Mishcon’s senior leadership, is only a temporary postponement, and that the “rationale” for an IPO remains strong.
The spokesperson said Mishcon’s senior leadership team believe that conditions for an IPO are poor due to volatile market conditions. The decision to delay the IPO did not require a vote from partners.
The decision to postpone the IPO comes after a series of disappointing launches on the London Stock Exchange.
The decision to delay comes after 93 per cent of Mishcon’s partners voted in favour of launching an IPO in September.
Last week, file transfer company WeTransfer cancelled its IPO due to stock market volatility.
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