Hogg Robinson pulls IPO, bankers blame competitive method

The postponement of British business travel company Hogg Robinson's £190m IPO this week has led to soul-searching among equity capital markets bankers, despite the deal's moderate size.

  • 29 Sep 2006

The sale has cast fresh doubt on the effectiveness of the competitive IPO process, which was used to choose the bookrunners.

Lazard was financial adviser for the deal with Merrill Lynch as joint sponsor and bookrunner and Citigroup, Credit Suisse and Lehman Brothers as bookrunners.

Some bankers have suggested that ...

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