November 15, 2019 / 7:29 AM / 21 days ago

UPDATE 1-Hollywood visual effects firm DNEG postpones London IPO

(Adds detail, background on IPO market)

LONDON, Nov 15 (Reuters) - Film special effects firm DNEG said on Friday it had postponed plans for an initial public offering (IPO) in London due to ongoing market uncertainty.

DNEG had received a strong level of interest from investors and would be assessing when to revive its IPO plans once market conditions improve, it said in a statement.

Ten European IPOs set to raise $2.3 billion were cancelled in the year to mid-October, with investor sentiment battered by expectations of an economic slowdown due to Brexit and the U.S.-China trade war.

In London a number of listings have been pulled this year, including Kazakh finance firm Kaspi.kz in October and Swiss Re’s British life insurer ReAssure in July.

However, African mobile networks operator Helios Towers listed in London last month at a market capitalisation of 1.15 billion pounds ($1.47 billion). Its stock market performance has been steady.

DNEG was intending to raise 110 million pounds from the IPO, at a price range implying a valuation of $654‐857 million.

DNEG has offices in India and the United States. Its clients include 20th Century Fox, Disney and MGM. ($1 = 0.7815 pounds) (Reporting by Carolyn Cohn Editing by Rachel Armstrong)

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