Mailbox IPSX listing pushed back for sixth time
A stock market listing of Birmingham’s Mailbox office complex has been pushed back for a sixth time.
The long-awaited deal is set to be the first offering on the IPSX stock market, a new exchange for real estate assets, but has suffered a string of delays since first announced last October.
Mailbox REIT, set up by asset owner M7 last year to list the property, had planned for shares to be admitted to the Wholesale segment of IPSX today (6 May).
A stock market listing of Birmingham’s Mailbox office complex has been pushed back for a sixth time.
The long-awaited deal is set to be the first offering on the IPSX stock market, a new exchange for real estate assets, but has suffered a string of delays since first announced last October.
Mailbox REIT, set up by asset owner M7 last year to list the property, had planned for shares to be admitted to the Wholesale segment of IPSX today (6 May).
But after the markets closed yesterday, the company said that although it has met a £25m fundraising target, it is now “seeking to accommodate further potential investor interest” and so has delayed the admission. No new date was given.
This is not the first time the company has pointed to strong demand for the offering. The original October float on IPSX Prime was pushed back by two weeks so that the company could deal with “significant interest” from retail investors.
A further extension of the timetable was announced as Mailbox REIT looked to sign off a letting to serviced office operator IWG, before M7’s own negotiations with Oxford Properties over a takeover paused the listing in December.
The IPO was rescheduled this March, but on IPSX’s Wholesale market, targeting institutional investors, rather than Prime, which targets retail investors. Since then, the admission date has been revised twice before this week’s extension.
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