bulk-shipping-firm-fails-to-float

Bulk shipping firm fails to float

Maritime Capital becomes the third listing candidate to cancel an IPO in 48 hours amid deteriorating equity markets.
July 03, 2008
Maritime Capital Shipping will not proceed with its proposed listing in Singapore after completing its two-week roadshow, making it the third victim of the latest round of stockmarket declines. The Hong Kong-based dry-bulk ship owner, which had been aiming to raise up to $300 million towards its continued expansion, said in a statement yesterday that it did not believe a stable secondary market for its shares could be established while the current negative market sentiment remains.

The statement suggests that it wasnÆt a lack of orders per se that forced the cancellation, but rather a fear that the stock would follow the path of many other recent IPOs and start trending downwards immediately upon...
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