Cabot Credit Management drops LSE IPO plans

Nov 16 (Reuters) - Britain's biggest debt collector Cabot Credit Management (IPO-CAB.L) said on Thursday it would not be proceeding with its initial public offering on the London Stock Exchange.

"The Board believes proceeding with the transaction would not be in the best interest of the company or its shareholders, given the current IPO and broader market conditions," the company said in a statement.

In October, Cabot said it would list on the London Stock Exchange, targeting a 1 billion-pound ($1.3 billion) market capitalisation, a source familiar with the matter told Reuters.

($1 = 0.7580 pounds) (Reporting by Hanna Paul in Bengaluru; Editing by Mark Potter)