Having seen its share price fall steadily since the announcement of roadshows at the beginning of March, the final straw for the government-owned company came on the day of pricing Wednesday, when the counter suffered a sharp fall from S$1.48 $0.82 to S$1.41. Despite the fact that lead manager JPMorgan had gathered a full order book of what many acknowledge to be tier 1 accounts, the company decided not to proceed in the face of a share price which had hit a two-year low.
The deal basically got killed by movements in its own share price and the wider market as a whole, says one banker. It must...
