Bakkavor Shows That a Week Is a Long Time in the World of IPOsBy
Did Bakkavor Group Plc forget that it scrapped plans for an initial public offering only seven days ago?
Announcing a sale of shares at 180 pence each on Friday, the fresh-food provider made no mention of its decision to abandon the proposed listing.
This time last week, investors were told that proceeding with the IPO “would not be in the best interests of the company or its shareholders, given the current volatility in the IPO market.” That volatility has apparently subsided -- as has the IPO price, originally said to have been set at 195 pence.
Bakkavor, whose customers include Tesco Plc and Marks & Spencer Group Plc, will still be raising the 100 million pounds ($131 million) it initially planned to, although that’s less than fresh-food delivery companies HelloFresh AG and Blue Apron Holdings Inc. netted from IPOs earlier this year.
— With assistance by Joe Easton, and Lisa Pham