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 Home  >>  Daily News  >>   Singapore News   >>  Capital Markets  >> Chinese firm withdraws Singapore IPO due to turbulent markets

5 May 2010

Chinese firm withdraws Singapore IPO due to turbulent markets

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China's New Century Shipbuilding withdrew its planned $560 million Singapore initial public offering less than a week after volatile markets had forced it to slash the size of the offering by less than half, Reuters reported.

The company said in a statement it plans to review the situation and may plan to relist on a date in the near future.

The move came as US stocks slumped on Tuesday, with the Nasdaq falling more than 3 percent, as fears grew that a financial rescue package for Greece might not be enough to prevent a sovereign debt crisis from spreading.

New Century initially wanted to list in Singapore in 2008, but a market meltdown ahead of the collapse of Lehman Brothers forced it to step back.

When New Century revived its IPO a few weeks ago, it was looking to raise as much as $1.24 billion through the sale of new and existing shares, which would have been the biggest IPO in Singapore by a Chinese company. The deal had to be downsized last Friday. The IPO was managed by UBS and Morgan Stanley.


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