Blackstone's Miller Homes scraps IPO plans

The company cited "recent financial markets volatility" in a statement as its reason for backing out of a flotation.

Miller had planned to raise around £140m through the sale of both new and existing shares in its offering, the latter of which were to be sold by Blackstone and other shareholders via the Grain Holdco holding company.

Blackstone is the largest shareholder of Miller Group, Miller Homes' parent company.

Blackstone is invested in Miller via its GSO Capital Partners credit division. In February 2012, the firm joined RBS, Noble Grossart and senior Miller executives in providing Miller Group with £160m in equity. The company refinanced its £600m debt at the same time.

Miller Group was established in 1934 and is headquartered in Edinburgh. Miller Homes generated £330m in revenues last year, a 24% increase from 2012.

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