Advent-Backed Parts Supplier Rubix Scraps London IPO Plan

(Bloomberg) -- Rubix Group Holdings Ltd, a provider of maintenance and repair for industrial firms that was looking to raise 850 million euros ($984 million), has decided not to proceed with a London listing, becoming the latest in a string of failed initial public offerings across Europe. 

The Advent International-backed company cited “difficult ongoing conditions for IPOs” for the pulled deal, while noting “strong backing for its business model and strategy” from institutional investors. Formed in a 2017 merger of Brammer and IPH, Rubix’s operations span 22 European countries. 

European companies, including Dutch consumer-electronics retailer Coolblue NV and health-care property company Icade Sante SAS, put IPO plans on ice in recent weeks as investors became more selective about where they put their money amid a flurry of deals. Equity markets worldwide have also turned more volatile amid soaring energy prices, faster inflation and tapering fears. 

Goldman Sachs Group Inc., Morgan Stanley and Barclays Bank Plc are joint global coordinators, while BNP Paribas SA and Jefferies are bookrunners. Rothschild is the company’s financial adviser.

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