Storm Financial (Storm) has blamed market volatility for its decision to scrap its 2007 initial public offering (IPO).
The retail offer was oversubscribed, but institutional investor support was subdued. The IPO was split equally between both markets.
The company was due to float on December 12.
The offer comprised 160 million shares. Storm would have had a market capitalisation of $424 million to $497.8 million following the Australian Securities Exchange (ASX) listing.
"Recent events which are outside the company's control, combined with ongoing market volatility, have unfortunately worked against Storm and created the situation where we are not able to proceed with the offer," Storm Financial Emmanuel Cassimatis executive chairman and joint chief executive said.
The Townsville-based financial planning group will monitor market conditions and reconsider an IPO when financial conditions improve.
This is the second stalling of Storm's IPO. The group was due to list to the ASX in August, however, those plans were put on hold because of conflict with its reporting schedule.
Storm is developing a national footprint. It has offices in Queensland, New South Wales and Victoria, and is planning to expand into Australian states in the medium term.
"We will continue executing Storm's expansion plans and we have every confidence in the outlook for continued growth," Cassimatis said.
Storm has 38 advisers, 13,000 clients and $5 billion in funds under advice.
BT Investment Management made a lacklustre debut on the ASX on December 12. Shares were issued at $4.80, hit a high of $4.84 and finished at $4.79.
