Marley Group Limited, the manufacturer of pitched roof systems, has postponed its proposed stock exchange listing, citing market volatility as the reason.
Marley, which announced its intention to float last month, said it has received considerable institutional investor interest in its initial public offering (IPO), but the board and shareholders have decided that proceeding with an IPO in this period of market volatility is not in the best interests of the group and its stakeholders.
Marley was planning to list on the premium segment of the London Stock Exchange and intended to announce the offer price after a book-building process in which advisors sound out institutional investors to find out how many shares they would be likely to buy and at what price.
Today’s announcement suggests that investors have not been as keen to participate in the offering as originally hoped.