A subsidiary of San Diego-based debt collector Encore Capital Group has abandoned its plan for an initial public offering.
The subsidiary, Cabot Credit Management, announced in October plans to launch a public offering on the London Stock Exchange. Reports had pegged its value at $1.3 billion.
But Cabot said Nov. 16 it had decided to discontinue its attempt to list on the LSE, citing IPO and credit market conditions.
Encore's stock fell on the news, down from $48.45 the day prior to the announcement, Nov. 15, to $46.80 as of market close Nov. 16. Encore trades as ECPG on the Nasdaq exchange.
The stock closed at $46 per share on Nov. 21, 5 percent lower than prior to the news.