Minor dry bulk carrier Pacific Basin has launched roadshows for its Hong Kong IPO, hoping to raise HK$961 million $123 million to HK$1.27 billion $162 million from a 437 million share deal.
Timing of the offering could hardly be worse given the poor performance of a recent IPO for China Shipping and a huge plummet in the Baltic Dry Index BDI, which measures rates for dry bulk vessels and has slipped from a peak of 5,684 in early February to 2,682 late last week. Most of the bubble and subsequent drop in the index has also been attributed to China's soaring demand for commodities, followed by the...
