Fitness club chain Pure Gym Group Plc (IPO-GYM.L) will cancel its initial public offering on Tuesday, Sky News reported, citing sources.
Pure Gym received sufficient orders but challenging IPO market conditions made it drop the plan, the newspaper reported on Monday. (bit.ly/2dWQVEd)
The company, owned by funds advised by CCMP Capital Partners and Hermes GPE, announced last month that it planned to raise about 190 million pounds ($236.27 million) through the IPO.
Pure Gym declined to comment.
($1 = 0.8042 pounds)
(Reporting by Parikshit Mishra in Bengaluru; Editing by Don Sebastian)