While welcome, the bounce in global stockmarkets yesterday likely came too late for many of the Asian IPOs that were postponed last week. The issuers that hadn't yet kicked off the institutional bookbuilding when their deals were called off have the best chance of revival, while those that cancelled just head of the final pricing may find it difficult to come back in the near-term.
Just like one swallow doesn't make a summer, a one-day surge in share prices -- however spectacular -- doesn't suddenly bring back the appetite for primary market issues. Confidence takes a lot longer to build than that. Bankers note that the secondary markets will need to stabilise and show...
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