Ten days ago Miller announced plans to float its house-building operations on the London Stock Exchange. (See previous report here.)
This morning it put out a brief statement: “In light of the recent financial markets volatility, the shareholders of Miller Group have elected not to proceed at this time with a public offering of Miller Homes. The shareholders are excited to support Miller Homes in its next phase of growth as the company builds upon the momentum evidenced in its recent operational and financial results.”
Miller Group is 55% owned GSO Capital Partners, which is in turn owned by private equity firm the Blackstone Group. Other main shareholders are Royal Bank of Scotland, Lloyds Banking Group and Noble Grossart.
They had planned to raise £140m by selling shares in Miller Homes in an initial public offering (IPO) that would have valued the company at between £450m and £550m.