Managers welcome end of 'opportunistic' IPOs

A raft of pulled IPOs in October point to a more rational environment for new listings, managers suggest.

While there was a spate of successful IPOs at the start of year, sentiment has reversed and investors are less willing to back newcomers to the market.  In recent weeks, challenger banks Aldermore and Virgin Money have both pulled their IPOs, pointing to difficult market conditions, to join a growing number of cancelled listings. Aldermore had expected to raise £75m, while Virgin Money was targeting £150m at IPO. Managers said the current environment means firms must be clear about their aims, and price their shares properly, in contrast to the giddy valuations seen earlier this ye...