This year's IPO frenzy showed further signs of fading, as another company scrapped plans to list its shares on the stock exchange.
Urban Exposure, an investment vehicle that funds the development of new homes, is the second property company to cancel its listing within a week. It was hoping to raise £500m to fund the construction of homes in London and the south-east.
The company said it had received an "encouraging response from prospective investors" but that it was concerned about the prevailing IPO backdrop.
The market has recorded more IPOs during the first half of this year than even the boom times of 2007. A total of 40 companies have raised £5.7bn from the start of the year until early June, according to data from Thomson Reuters. The money raised in 2014 easily outstrips the previous £4.9bn record for the same period, set in 2007.
However, there are signs that float fatigue has set in after several market debutantes tumbled in value. Shares in Pets at Home have dropped 25% since its flotation in March.
Property management company Clipstone cancelled its £140m IPO plans last week, blaming the summer slowdown. Last month, student accommodation fund manager Brandeaux decided against listing its troubled fund Liberty Living in what would have been a £400m launch, citing "adverse public market conditions".
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