Delayed IPOs in Singapore are piling up

Summit Power has delayed its IPO, citing recent market volatility.

According to Bloomberg, more initial public offerings (IPOs) are getting delayed in Singapore.

Recently, Bangladesh firm Summit Power International Ltd. told investors it’s shelving a share sale that was targeting US$260m. This came less than two weeks after Bloomberg News reported Malaysian clinic operator Qualitas Medical Ltd. delayed the pricing of its $100m IPO.

It wasn’t for lack of trying. Summit Power, the biggest independent power producer in Bangladesh, secured a cornerstone investment from the Asian Development Bank and touted partnerships with the likes of Mitsubishi Corp. Qualitas has been seeking to list in Singapore after postponing plans to sell shares in its home market in 2015.

Whilst some deals in Singapore are struggling to get done, investors have been piling into equity offerings in nearby Vietnam, Bloomberg observed.Pending IPOs in Vietnam include Warburg Pincus-backed Techcombank which plans to raise US$922m and Luxury developer Vinhomes JSC which has already attracted an investment from GIC and is eyeing US$2b funds.

Read the full report here.

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