Nexteer Automotive, a Michigan-based steering and driveline supplier, has decided to postpone its Hong Kong initial public offering of between HK$1.83 billion and HK$2.52 billion $236 million to $325 million, citing “adverse market conditions and significant market volatility”.
The company kicked off the management roadshow and institutional bookbuilding on June 14, braving a tough environment for IPOs, and the deal was scheduled to price yesterday. The Hang Seng Index shed 5.3% between the launch and the close of the order books on Tuesday and despite a 2.4% gain yesterday, it is still down 13% from a recent peak in late May.
The company...
¬ Haymarket Media Limited. All rights reserved.
