Stock Market Float Halted by Travelport

The private equity-owned, airline ticketing firm Travelport which was expected to be valued at £1.8bn, has lowered its initial public offering (IPO) price range by a quarter. It slashed the price range to between 180 pence and 190p per share.

Travelport has also tweaked its remuneration policy to cut the amount directors and staff would receive if operating profit growth reaches the targets set by the company.

The amount payable over $708 million has been cut to a maximum of $8 million

No change has been made to potential windfalls for over $662 million.

UK asset manager Gartmore has fallen 16 percent since its $553 million listing in December, while Taminco was scrapped and UC Rusal shares have dived 19 percent since a $2.2 billion dual listing in Hong Kong and Paris last month.

Blackstone, 70% shareholder, and the firm's management team, led by chief executive Jeff Clarke would both be affected by the decision.

Travelport will also receive $49 million in advisory fees from the IPO.

Clarke said, "Since we announced our intention to float, there has been significantly increased volatility and uncertainty in global equity markets, as a result of macro circumstances unrelated to our business".