Canadian financial services group Manulife pulled its S$569 million $426 million Singapore Reit initial public offering on its scheduled pricing day after global volatility meant the leads were unable to cover the order book.
The 767.3 million unit deal for Manulife US Reit is believed to have closed about 70% subscribed on Friday after the offering failed to build momentum against a backdrop of China's collapsing stock markets and Greece's potential Eurozone exit.
Sources close to the transaction reported that Singapore-based private banking demand held up but the deal failed to attract much additional interest from long-only and hedge funds. This meant that after the order...
¬ Haymarket Media Limited. All rights reserved.
