Graff axes IPO as investors remain wary
By Emily Ford |
June 1, 2012, Friday
|
Print Edition
Print Edition
GRAFF Diamonds has shelved its proposed US$1 billion Hong Kong stockmarket listing after failing to find buyers for half of its shares, in a sign of the economic fears paralyzing stock exchanges around the world.
The flop by the London-based jeweler is by far the most high-profile in a string of cancelled flotations planned for the Hong Kong Stock Exchange in recent days, the majority of them Chinese companies.
The jeweler, which wanted to raise money to fund a huge expansion across China and elsewhere in Asia, began offering shares for sale on Monday but yesterday postponed the offering indefinitely, only two days before it was due to price the deal.
In a statement, Graff blamed the cancellation on a shaky stock market that has seen investors wary, owing to fears over the state of the global economy.
"Consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," Graff said in the statement.
Hong Kong's Hang Seng Index has lost more than 11 percent of its value in the past month.
The flop by the London-based jeweler is by far the most high-profile in a string of cancelled flotations planned for the Hong Kong Stock Exchange in recent days, the majority of them Chinese companies.
The jeweler, which wanted to raise money to fund a huge expansion across China and elsewhere in Asia, began offering shares for sale on Monday but yesterday postponed the offering indefinitely, only two days before it was due to price the deal.
In a statement, Graff blamed the cancellation on a shaky stock market that has seen investors wary, owing to fears over the state of the global economy.
"Consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," Graff said in the statement.
Hong Kong's Hang Seng Index has lost more than 11 percent of its value in the past month.
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