UK - IPO of TA Associates-backed SmartStream pulled
The flotation of SmartStream Technologies, a provider of software to banks, has been abandoned for now. TA Associates acquired SmartStream from 3i in September last year. The IPO had wobbled in previous weeks when market turbulence forced its price to be cut from £300m to £200m. The bookbuilding period was extended last week before the IPO was cancelled yesterday. Demand for SmartStream's products is expected to be affected by a slowdown in the investment banking sector. TA Associates had been planning to reduce its stake to 60%.
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