British fashion house Burberry quashed media speculation today that it could pull its float on the London Stock Exchange tomorrow after other market hopefuls shyed away from tumbling markets.
The Daily Mailreported today that plans by parent Great Universal Stores to float 25 per cent of the 146-year-old firm, valuing the company at £1.15 to 1.45 billion sterling, could be dropped if markets kept falling.
The Burberry listing has taken centre stage after a number of other market hopefuls including Ireland’s C&C pulled their plans to float as equity markets ran scared after a run of high-profile US accounting scandals.
SAB Miller Plc, the world's second largest brewer, said yesterday it had put on hold a share sale to raise about £614 million, within hours of unveiling the plan.
On Monday, C&C pulled its €1.1 billion float because of plunging share prices, just two days before its planned debut.