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Litigation funder Vannin Capital has withdrawn its proposed listing in London, attributing the decision to volatile market conditions.

The company had planned to issue £70m of new shares on the London Stock Exchange as part of an initial public offering (IPO) this month.

Chief executive of Vannin Capital Richard Hextall said: “Management have concluded that the volatility experienced in the equity market in the last two weeks has led to conditions that are not conducive to an IPO, and that Vannin would be best served by postponing its proposed listing.”

He added: “ We are under no pressure to list the company in the near term and prefer to wait until market conditions are more suitable.”

Linklaters partner James Wooton has been advising the funder on its intentions to float, with Simmons & Simmons understood to be advising the underwriting banks.

Former Allen & Overy senior partner David Morley, who joined Vannin as chairman last month, previously told Legal Week that he believes litigation funding is on a “high-growth trajectory”, with Vannin “aiming at the top end of the market”.

Last month, Berwin Cave Leighton Paisner City international arbitration partner Ania Farren joined Vannin as a managing director.

According to Vannin’s statement of intent to float, since its launch in 2010, it has provided 70 funding commitments to clients, with an aggregate funding commitment value of £164m as of 30 June 2018. The company said it intends to expand into Singapore and Hong Kong, while it also aims to make additional hires in commercial arbitration and increase its overall headcount.

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Andrew Messios

 

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