TI Fluid joins IPO queue of stalled flotations

Car parts maker TI Fluid Systems today became the latest company to shelve plans for a London listing as Biffa’s float hangs in the balance.

TI, which traces its roots back to 1922 when it made fuel lines for the Model T Ford, said the listing would not go ahead “at the current time” because of market conditions.

It follows similar moves by Pure Gym and Krispy Kreme UK.

Private-equity owner Bain Capital was hoping to float part of TI, which makes fuel and braking systems, for £540 million.

Meanwhile, Biffa’s listing to raise £270 million to pay down debt is balanced on a knife-edge.

Before crisis talks began last night, the value of the waste management firm had already been slashed to £700 million in a bid to get the float over the line, the Standard understands.

The company, backed by Angelo Gordon, Avenue Capital and Bain, is thought to be keen to press ahead with the listing.

Biffa today declined to comment.