Complectus IPO deferred
Wednesday, November 16th 2016, 4:26PM
Complectus Limited, which owns Perpetual Guardian, has deferred its proposed IPO because of the volatility and uncertainty in capital markets following recent events, including the US presidential election.
It announced the IPO in August, and planned to do the listing in December.
"We will defer the IPO beyond this year which will also allow Complectus to further add to its growth track record in the interim," the company said in a statement.
Complectus Founder Andrew Barnes says, “While the initial feedback from analysts and investors has been positive, we feel that the appropriate course of action is to postpone the IPO until markets have settled. We are mindful that market conditions can affect the listing process and don’t want to proceed in a window that creates uncertainty for investors and the company alike.”
The Complectus group includes Perpetual Guardian, Guardian Trust, Covenant Trustee Services and NZ Trustee Services. It also included Foundation Corporate Trust, which was amalgamated into Covenant last year.
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