Viz Branz cancelled its initial public offering on Thursday after the company’s owner, Ben Chng Beng Beng, decided he was not prepared to accept a valuation at the very bottom of the price range.
The transaction's demise is likely to be viewed as a disappointment in Singapore, where it would have added some diversification from the real estate investment trusts and oil services companies, which dominate the new issue market.
Specialists commented that joint global co-ordinators Credit Suisse and Maybank Kim Eng had enough orders to execute the deal, but the whole order book was price-sensitive and at the very bottom of...
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